NAB’s new CEO taps new leaders for business, personal banking and corporate business
National Australia Bank has appointed a new boss for each of its operating divisions, setting up future contenders for its leadership contest.
National Australia Bank boss Andrew Irvine has put his stamp on the lender’s new leadership team, promoting a trio of women to senior executive positions.
On Wednesday Mr Irvine revealed he had appointed Rachel Slade as his replacement to run the bank’s profitable and powerful business lending arm.
Ms Slade, current executive of NAB’s personal banking business, will be put in charge of the business and private banking arm from April 29.
The leadership shake-up repositions NAB after the exit of Ross McEwan. Mr Irvine’s appointment was announced on February 7 and took over as CEO on April 2. Mr McEwan is continuing in an advisory capacity until his formal retirement on July 1.
Ms Slade will be replaced by Ana Marinkovic, who will take charge of personal banking after being promoted from her current role as executive of the business direct and small business operations.
Ms Slade had earlier widely been considered a potential contender for the top job.
NAB also said Cathryn Carver will take control of the bank’s corporate and institutional banking arm on July 1, replacing David Gall.
Mr Gall has spent almost 16 years at the bank, including 10 as an executive leader. He has run the corporate and institutional banking arm since October 2018.
Ms Carver is currently an executive in NAB’s client coverage business, within the corporate and institutional arm.
Mr Irvine said the leadership changes would “take NAB forward”, and that they completed the bank’s executive leadership team.
“We see plenty of opportunities to build on NAB’s leadership in areas such as business lending, particularly to small and medium businesses, while continuing to deliver better outcomes for customers and colleagues,” he said.
Mr Irvine said the three appointments “demonstrate our ability to identify and develop talent within the business while broadening diversity and experience”.
“Rachel, Ana and Cath, who will lead NAB’s customer-facing businesses in Australia, are great relationship bankers who inspire their teams to deliver results for customers,” he said.
“They understand the importance of using technology and data to make NAB easier and simpler to bank with.”
The appointments are subject to regulatory approval.
The move to firm up the leadership at NAB comes as the bank prepares to report its half-year earnings in May, marking Mr Irvine’s first foray solo as CEO.
Consensus estimates show analysts tip NAB to deliver a $5.1bn pre-tax profit for the first half, on almost $10.12bn in revenue.
The bank, Australia’s biggest business lender, is highly exposed to the fortunes of Australia’s small and medium enterprises sector, which as been buffeted by a number of business failures.
Mr Irvine has been credited with driving NAB’s lift in deposits from small businesses, many of which have traditionally looked to the bank to provide financing.
In a recent note Macquarie said of the four big banks NAB was receiving the smallest benefit from higher interest rates and it faced greater funding costs relative to market rival the Commonwealth Bank.
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