Highlights
- National Australia Bank
[has named a career banker as its next chair, closing a succession process that will see the current chair step down next July after eight years]- The incoming chair joins the board next March and takes the chair four months later, subject to regulatory approval and a shareholder vote at next years annual meeting
- The cautious tone of the announcement points to a defensive stance on industry disruption and competition and not to fresh expansion
National Australia Bank
has chosen a conventional successor, and the choice says something about how its board sees the next few years. Within the ASX Financial Stocks category, and as a constituent of the ASX 20, the major lender has reached inside the financial services industry for a career banker and not a wider corporate figure. Company outcomes and market commentary reflect conditions at a point in time and can change quickly. The source text ends partway through a promotional line, so this piece covers only what was provided.
The Appointment
The incoming chair joins the board next March as a non-executive director and takes the chair four months later. He will be put forward for election at next y...