NAB shares push higher on leadership changes

National Australia Bank Ltd (ASX: NAB) shares are pushing higher on Wednesday.

In morning trade, the banking giant’s shares are up 0.35% to $34.75.

Why are NAB shares rising?

This morning, NAB’s Chief Executive Officer Andrew Irvine announced a number of changes to its executive leadership team.

According to the release, effective Monday 29 April, Rachel Slade will be appointed group executive of business and private banking. Ms Slade is currently group executive personal banking.

On the same day, Ana Marinkovic will be appointed as Slade’s replacement as group executive personal banking. Ms Marinkovic is currently the executive of business direct and small business in the business and private banking team.

Furthermore, effective on 1 July, Cathryn Carver will be appointed group executive of corporate and institutional banking.

Ms Carver will be replacing David Gall, who has decided to leave NAB on 1 October after 16 years with the bank. This includes 10 years as an executive leadership team member. Ms Carver is currently the executive of client coverage in corporate and institutional banking.

‘Delighted’ with appointments

Irvine revealed that he is “delighted” that all the appointments were from within NAB’s senior leadership team. He believes this helps ensure alignment in delivering for the bank’s customers and colleagues. He also highlights that all three executives had a track record of helping customers succeed while getting the basics of banking right.

NAB’s CEO commented:

These 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. They understand the importance of using technology and data to make NAB easier and simpler to bank with.

This completes the Executive Leadership Team that will take NAB forward and maintain the momentum we have across the business by executing with discipline and focus. 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.

Commenting on the exit of David Gall from the key corporate and institutional banking business, Irvine adds:

I would particularly like to thank David Gall for having been a tremendous peer and leader for C&IB while I have been at NAB, and for his previous roles across various functions. David embodies what it means to be a NAB leader and we are grateful for his contribution to the business.

NAB shares are outperforming the market on a 12-month basis and are up 23% since this time last year.

The post NAB shares push higher on leadership changes appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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