NAB share price dips as CEO steps down

The National Australia Bank Ltd (ASX: NAB) share price is in the red today

Shares in the S&P/ASX 200 Index (ASX: XJO) bank stock closed yesterday trading for $32.20. In morning trade on Wednesday, shares are swapping hands for $32.01 down 0.5%.

For some context, the ASX 200 is up 0.3% at this same time.

This comes amid news of a top-level executive shakeup at the big four bank.

What’s happening with the ASX 200 bank’s CEO?

The NAB share price is dipping after the bank announced that CEO Ross McEwan will step down from the role on 2 April.

McEwan joined NAB in December 2019 to institute crucial changes following the findings of the Banking Royal Commission.

“Ross has been exactly the CEO we needed. He came in at a critical time with significant international experience and expertise,” NAB chair Philip Chronican said.

Chronican said that McEwan “has rightly been recognised as a tremendous and reliable career banker”.

He added, “He has been a stabilising force for NAB and the industry and we wish him well for the future.”

The NAB board announced that Andrew Irvine will replace McEwan as CEO and managing director. Irvine has served as NAB’s group executive business and private banking since 2020. Prior to that he was head of Canadian business banking at Canada’s oldest bank, the Bank of Montreal.

“Andrew is well suited to take NAB into its next chapter of growth and performance for our customers, colleagues and the communities we serve,” Chronican said.

Chronican added:

He has lifted our business and private banking performance and been a tireless advocate for the agricultural sector, small business and First Nations business. His expertise in digitisation, transformation and modernising has created significant benefits for how our bank operates.

“I am excited by the opportunity to lead NAB, a bank that is core to the financial needs of so many Australians and New Zealanders,” Irvine said.

He noted that he’d learned a great deal from McEwan over the past years and said, “NAB is on the right trajectory to being a better bank and I will work with my colleagues to continue executing our strategic ambitions.”

Commenting on Irvine’s appointment as NAB’s new CEO, McEwan said, “Andrew is a highly capable, internationally experienced banker who brings the right lens to us wanting to be Australia’s best relationship-driven bank.”

NAB share price snapshot

The NAB share price is up 1% over 12 months.

The ASX 200 bank stock has gained 14% over the last six months.

The post NAB share price dips as CEO steps down appeared first on The Motley Fool Australia.

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Motley Fool contributor Bernd Struben 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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