NAB’s finance chief Craig Drummond resigns – Sydney Morning Herald

8 months ago Comments Off on NAB’s finance chief Craig Drummond resigns – Sydney Morning Herald
Craig Drummond is resigning as finance chief at NAB to enter the "next phase" in his career.

Craig Drummond is resigning as finance chief at NAB to enter the “next phase” in his career. Photo: Jim Rice

National Australia Bank’s chief financial officer, Craig Drummond, is resigning after 2½ years in the role that put him at the centre of various asset sales and a massive capital raising.

Mr Drummond will be replaced by Gary Lennon, a NAB banker who previously reported to Mr Drummond.

It is understood that Mr Drummond,55, felt he had achieved what he was hired by NAB to do and has aspirations to work as a chief executive. 

NAB chief executive Andrew Thorburn said in a statement on Friday that Mr Drummond was moving to the “next phase” of his career.

As finance chief, Mr Drummond played a central role in the sale of NAB’s US bank Great Western; a deal to offload 80 per cent of its life insurance risk; a $5.5 billion capital raising last year; and most recently, this month’s spin-off of NAB’s poorly performing United Kingdom business.

“It is with disappointment that I announce Craig Drummond’s resignation.  I am incredibly appreciative of what he has done for NAB.  During Craig’s tenure, NAB has been through a period of significant change, and Craig has been pivotal to this,” Mr Thorburn said in a statement.

Mr Drummond said: “I believe that NAB is a stronger and safer bank as a result of the work that has been done to reshape the business and deal with the legacy issues.  As a result I believe that now is the right time for me to consider the next step in my career.” 

It is not known what Mr Drummond, who was previously the local boss of Bank of America Merrill Lynch, plans to do next.

ANZ Banking Group has been on the hunt for a chief financial officer for several months and this week said it would make an announcement within the coming weeks.

Mr Lennon has been at NAB since 2008, and until now he has been the executive general manager of finance. He previously worked at Deutsche Bank in Australia and Japan.

NAB’s finance chief Craig Drummond resigns – Sydney Morning Herald}

    Related Posts

    Clinton campaign takes to the skies

    1 month ago
    Democratic candidate unveils plane she will share with travelling press corps Asia homepage Read More

    UPDATE 3-Yahoo faces growing scrutiny over when it learned of data breach

    4 weeks ago
    WASHINGTON, Sept 23 (Reuters) – Yahoo on Friday faced pointed questions about exactly when it knew about a cyber attack that exposed the email credentials of 500 million users,... Read More

    Police search Munich shooter’s home

    3 months ago
    No evidence of religious or political motive for Europe’s third act of violence against civilians in eight days Financial Times – Middle East Homepage Read More

    The Mindy Project recap: ‘So You Think You Can Finance’ – Entertainment Weekly

    6 months ago
    Every breakup has stages, and Mindy’s currently in the oh-crap-I-don’t-know-how-to-handle-my-finances-because-my-fiancé-did-that-for-me one — not the worst place to be in but still an unpleasant one. Luckily she has Jeremy’s recently sober... Read More
    Real Time Web Analytics