NAB Secures Former Head of RBS Ross McEwan as CEO

The National Australia Bank (NAB) has secured a new Group Chief Executive Officer and Managing Director - Ross McEwan, the company announced this Friday.

McEwan joins the NAB from the Royal Bank of Scotland (RBS), where he had been the CEO since 2013.

During his time with the bank, he led the organization through a period of significant change and recovery, the statement released today said.

The New Zealand-born CEO is a former Australian banking industry executive. He announced his resignation from RBS in April 2019.

He originally joined the Scottish bank in 2012 as the CEO of UK Retail, leaving the Commonwealth Bank of Australia, the largest bank in the country.

At Commonwealth, he had been the Group Executive for Retail Banking Services for five years and was previously the Executive General Manager.

He will commence his new position with NAB once his Obligations Obligations In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you In finance, an obligation is a financial responsibility where the terms of a contract must be met. Should an obligation between parties fail then the party who is at default may face legal action. In this scenario, the guilty party will not only have to agree to pay the set amount to fulfill the contractual arrangement but may also be responsible for covering all legal proceedings cost. Routine payments or outstanding debt of any kind are considered financial obligations, so if someone owes you Read this Term to RBS have been discharged, which will be no later than April 2020.

The appointment of McEwan is subject to regulatory approvals. He joins the Aussie bank with a rolling contract where either himself or NAB can terminate at any time and give the other party 26 weeks’ notice.

McEwan to help NAB to improve culture and reputation

Speaking on the appointment, NAB Chairman-elect Philip Chronican said the bank had recruited a senior, global financial services executive, who has extensive experience and knowledge of international markets and the Australian banking environment.

"Ross McEwan is the ideal leader for NAB as we seek to transform our operations and culture firmly around leading customer service, experience and products,” continued Chronican.

"Ross brings a compelling range of experience across finance, insurance and investment with a track record of delivering important and practical improvements for customers.

“RBS has been through many of the same challenges which NAB now faces around culture, trust and reputation.”

Now that NAB has secured a CEO, Chronican, who is the interim CEO, will transition to the Chairman position in mid-November 2019, replacing Dr Ken Henry, who announced his intention to resign once a permanent CEO was appointed.

"It is a privilege to return to Australia and lead NAB at a crucial time for the bank, its customers, employees, shareholders and the broader community,” McEwan added.

"There are a number of areas where NAB can extend its lead, such as business banking, agriculture and health, and other areas where I believe we should consistently lead such as customer service. We must also meet and exceed the expectations of our many stakeholders.”