Following a swift trading halt this afternoon, NAB has announced the resignation of its chief executive Andrew Thorburn and chairman Ken Henry.
News of the resignations comes after a horror week for the bank and its embattled leadership following damning scrutiny of the chief executive and chairman in the final report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
Thorburn was singled out in the report for his apparent “carelessness” in the ‘fees for no service’ scandal which plagued the big four’s financial advisory services.
Dr Ken Henry, who chaired the Royal Commission report, said of the pair: “I am not as confident as I would wish to be that the lessons of the past have been learned.”
Thorburn will formally depart from the bank on 28 February while Henry will remain in his role until a permanent chief executive is found.