Ross McEwan announced as CEO of National Australia Bank

Ross McEwan

NAB announced this morning that Ross McEwan will assume the role of its new CEO, with the New Zealander set to take up his post no later than April 2020.

Mr McEwan announced on 25 April that he was stepping down as CEO of RBS.

He has a 12 month notice period and he will remain in position until a successor has been appointed and an orderly handover has taken place. 

RBS chairman Howard Davies said: “We note today’s announcement that Ross will take over as CEO of National Australia Bank and congratulate him on this appointment. The search for a successor remains ongoing and the effective date of Ross’ departure will be confirmed in due course.”

NAB sold off Clydesdale Bank more than two years again through a stock market flotation.

The Melbourne-based lender, which is Australia’s fourth-largest bank by assets, said in a statement early this morning that it had hired Mr McEwan after he had completed one of the largest restructurings in UK corporate history and returning the taxpayer-owned bank to profitability.

Mr McEwan joins NAB as the bank and its peers fight to win back customer trust after damaging findings of a Royal Commission inquiry into the financial sector.

Although the inquiry lambasted the whole industry for rampant fee-gouging and overly aggressive sales tactics, NAB was the worst hit of Australia’s so-called “Big Four” lenders.

The appointment of Mr McEwan follows the resignation of NAB chief executive Andrew Thorburn in February after he suffered stinging criticism of his leadership of the bank by the public inquiry into misconduct in the finance industry and accusations he had failed to accept responsibility for wrongdoing at the company.

Similar charges at the same time also saw Ken Henry, NAB chairman, announce his intention to step down from the board when a new chief executive was appointed by the bank. 

Prior to joining RBS as the Edinburgh-based bank’s head of UK retail in 2012, Mr McEwan spent almost a decade in various senior roles at Commonwealth Bank of Australia.

He said of his appointment: “It is a privilege to return to Australia and lead NAB at a crucial time for the bank, its customers, employees, shareholders and the broader community,”

He added: “It is essential that I protect and accelerate the bank’s transformation programme,” he added. “The community also expects a higher level of accountability and transparency from the banking industry. Australians deserve NAB to be a world-class service provider.”