NAB’s New CEO Restructures Leadership Team as Healy Departs

Jul 31, 2014 6:57 pm ET

Aug. 1 (Bloomberg) -- National Australia Bank Ltd.’s incoming chief executive officer, Andrew Thorburn, has restructured the bank’s leadership team, including appointing Angela Mentis as group executive for business banking.

Joseph Healy, who previously headed business banking, and two other group executives, Lisa Gray and Bruce Munro, will leave the bank, Thorburn said in a statement.

The new CEO takes over today from Cameron Clyne and faces the challenges of exiting NAB’s U.K. business, which has weighed on the bank’s shares, and increased competition in Australia’s home-loan market. Thorburn said in April when he was appointed that he would continue to pursue Cameron’s strategy of reducing the lender’s exposure to commercial property in the U.K.

“We understand the need to deliver better returns for our shareholders,” Thorburn said today. “We will do this by focusing on our customers and building a stronger Australian and New Zealand franchise.”

Among the other appointments, Antony Cahill was named group executive for products and markets; David Gall was appointed chief risk officer and Renee Roberts as group executive for enterprise services and transformation. Rick Sawers, who was previously group executive for products and markets and announced in March he would retire, has taken a three-day-a-week role as enterprise executive until July 2015, it said.