Spotlight on NAB succession as top banker Mentis departs

Veteran banker Angela Mentis is leaving NAB after 17 years, possibly opening the field for the top job at the banking major.

One of Australia’s top bankers, Angela Mentis, has announced her retirement from the National Australia Bank after a 37-year career, which is likely to open the field for the top job at the banking major.

The 55-year-old, who is chief digital and analytics officer at NAB, will be retiring on November 1, after 17 years with the bank.

Ms Mentis had been considered a potential successor to chief executive Ross McEwan, who was appointed from outside the bank, following the departure of CEO Andrew Thorburn after four and a half years in the role.

Mr McEwan has led NAB since 2019 after leaving Royal Bank of Scotland, where he had been CEO for six years.

Ms Mentis’ departure will see the elevation of the current chief group operating officer, Les Matheson, who will take on Mentis’ role in addition to his current job.

Mr Matheson joined the bank in January 2021, as has been group chief operating officer at NAB, after 26 years working in banking and finance across Europe and Asia Pacific.

Ms Mentis’ departure, a decision made for family reasons, follows the retirement of another senior NAB executive, chief financial officer, Gary Lennon, in July after 15 years at the bank.

Veteran banker Angela Mentis is leaving NAB after 17 years, possibly opening the field for the top job at the banking major. Picture: Glenn Campbell/NCA NewsWire

Although McEwan has no fixed term contract, market speculation has been that the 66-year-old New Zealand born banker could step down sometime next year after five years in the top job.

Current potential successors include the head of business and private banking, Andrew Irvine – a role once held by Ms Mentis, chief financial officer Nathan Goonan and the head of NAB’s private bank, Rachel Slade.

Mr McEwan’s appointment as an outsider four years ago was made over several key internal candidates including former NSW premier Mike Baird who was close to Mr Thorburn who left the bank in March 2020, several months after McEwan took over the top job.

Ms Mentis started her career at Macquarie Bank and held senior positions at Westpac, BT Financial Group and Citibank before joining NAB in 2006.

She oversaw NAB’s key business and private banking operations before moving to New Zealand in 2018 to run its operations there.

She moved back to Australia in 2021 to take up her current role.

In a statement, McEwan said the bank was sorry to lose Ms Mentis, but understood her decision to retire to spend more time with her family.

He paid tribute to Ms Mentis, describing her as an exceptional banker who inspired her colleagues.

“Angie has always shown what it means to put customers first and has delivered outstanding results by doing that very well during her career,” he said.

Mr Matheson’s new role will see him oversee the bank’s digital and data analytics division as well as NAB’s online bank, ubank, and group marketing and product improvement and governance.

McEwan said Matheson’s global experience would be “invaluable in creating solutions for customers and colleagues.”