Bank probe sends NAB bosses packing

NAB chief executive Andrew Thorburn and chairman Ken Henry are stepping down, becoming the highest-profile banking casualty of the financial services royal commission.

NAB shares were placed in a trading halt yesterday ahead of an announcement about “leadership changes”.

The end of Mr Thorburn’s and Dr Henry’s tenure comes after days of speculation.

Kenneth Hayne’s final royal commission report, released on Monday, expressed serious concerns about the leadership of Mr Thorburn and Dr Henry.

“I acknowledge that the bank has sustained damage as a result of its past practices and comments in the royal commission’s final report about them,” Mr Thorburn said in the statement to the ASX.

“As CEO, I understand accountability.

“I have always sought to act in the best interests of the bank and customers and I know that I have always acted with integrity.

“However, I recognise there is a desire for change.

“As a result, I spoke with the board and offered to step down as CEO, and they have accepted my offer.”

Mr Thorburn will finish on February 28, while Dr Henry indicated he would retire from the board once a new permanent CEO was appointed.

“The timing of my departure will minimise disruption for customers, employees and shareholders,” Dr Henry said.

NAB director Philip Chronican will be acting CEO from March 1 until a permanent appointment is made.