NAB names MLC head

NATIONAL Australia Bank has named former Perpetual boss Geoff Lloyd as the new chief executive of MLC, its retirement fund manager, even as it looks to exit the business.

NAB CEO Andrew Thorburn said Mr Lloyd, who headed financial services group Perpetual for six years, was well qualified to lead MLC during the sale process and afterwards.

“Geoff Lloyd is a standout leader and the right person to lead through the transaction, establish a new standalone business and build it for the future,” Mr Thorburn said in a statement.

Perpetual announced Lloyd’s departure in November last year and he will start at MLC in September.

In early May, NAB said it expected to either demerge and float MLC, or sell it by the end of 2019.