Headhunter appointed to search for new NAB chief executive

NAB has tapped executive search firm Russell Reynolds to head the global hunt for a CEO to replace Andrew Thorburn.

Former NSW premier Mike Baird is considered one of the internal frontrunners for the CEO job, Pic: John Grainger

National Australia Bank has tapped executive search firm Russell Reynolds to spearhead the global search for a new chief executive to replace Andrew Thorburn.

The Australian understands the appointment was made in recent days after a shortlist of headhunters was considered last week. Sources said Russell Reynolds’ Mina Ames, who leads the firm’s financial services sector recruitment across Australia and New Zealand, was leading the search.

Executive search firm Korn Ferry is heading the search for new non-executive directors at the bank.

A NAB spokeswoman declined to comment.

Names tipped to be on a potential NAB CEO external candidate list include Medibank CEO and former NAB finance chief Craig Drummond, Westpac’s institutional bank boss Lyn Cobley, Royal Bank of Scotland CEO and former Commonwealth Bank executive Ross McEwan, and outgoing Westpac customer chief and former NAB executive George Frazis.

Another name that has been bandied around is CBA non-executive director Rob Whitfield, a director of NSW Treasury Corporation and previously an executive at Westpac.

Internally, NAB business banking boss Anthony Healy and customer boss and former NSW premier Mike Baird are said to be the frontrunners.

This month, acting NAB CEO and former non-executive director Phil Chronican was appointed the bank’s new chairman. He will take the reins from Ken Henry later in 2019.

Dr Henry and Mr Thorburn fell on their swords after being heavily criticised in the Hayne royal commission’s final report over their lack of accountability for NAB’s failures.

NAB non-executive director Ann Sherry is the board member overseeing the bank’s search for a new CEO.