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

11 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 resigningΒ after 2Β½ 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,Β felt he had achieved what he was hired by NAB to do and has aspirations to work as a chief executive.Β 

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 DrummondΒ playedΒ a central role in the sale of NAB’s USΒ bank Great Western; a deal to offload 80 per cent of its life insurance risk;Β a $5.5 billion capital raising last year;Β and most recently, this month’sΒ spin-off of NAB’s poorly performing United Kingdom business.

“It is with disappointment that I announce Craig Drummond’s resignation.Β  I am incredibly appreciative of what he has done for NAB.Β  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.Β  As a result I believe that now is the right time for me to consider the next step in my career.”Β 

It is not known whatΒ Mr Drummond, who was previously the local boss ofΒ 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}

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