NAB interim chief executive Philip Chronican says he expects ‘greater accountability and focus’ from senior figures at the bank when he becomes chairman.
Mr Chronican, who will replace Ken Henry as chairman once the yet-to-be-chosen new chief executive is in place, said board renewal was a priority and that it was down to the bank’s leaders to raise their game in response to the failings aired at the royal commission.
‘I am confident in the strategic direction we have for NAB,’ Mr Chronican said in a letter to shareholders.
‘My expectation of the bank’s leaders is that they implement our strategy with greater accountability and focus.’
Mr Chronican said NAB, whose leadership was lambasted by Commissioner Kenneth Hayne, had let down customers, owners, community and staff but had returned more than $110 million in refunds and remediation to 310,000 customers since June last year.
‘We … have to focus on earning back trust,’ Mr Chronican said.
‘That begins with making sure we fix the issues that caused our failures and we pay back customers who are owed compensation as soon as possible.’
Commissioner Hayne’s criticism of NAB’s leadership led to last month’s resignations of Dr Henry and chief executive Andrew Thorburn.
The bank has formed a CEO selection committee chaired by director Ann Sherry.
NAB’s chief people officer, Lorraine Murphy, has decided to leave the company.
‘I have thoroughly enjoyed my time at NAB and have reached a useful point of reflection to consider other roles,’ Ms Murphy said.
‘It is important for the incoming CEO to have members of their leadership team who are utterly committed to the coming years.’