National Australia Bank Limited (ASX:NAB) will make sweeping changes among its executive ranks in an effort to boost performance and eventually cut up to $800 million annually in costs.
Seven year head of the bank’s finance division, Mark Joiner, will depart at the end of the year.
Mr Joiner has been on the receiving end of some investor backlash, with 17 per cent voting against his reappointment at December’s AGM.
Head of NAB’s wealth arm Steve Tucker is leaving the bank after 25 years and will be replaced by Andrew Hagger.
In other executive level changes, wholesale bank boss Rick Sawyers has been appointed group executive of product and markets, while retail banking boss Lisa Gray will take charge of enterprise services, and Gavin Slater will shift into the personal banking division.
CEO Cameron Clyne says the changes, coming amid increasing shareholder frustration, will reduce complexity and duplication across the bank.
NAB’s net profit fell by 22 per cent to $4.08 billion in its 2012 financial year.
NAB Price at posting:
$30.81 Sentiment: None Disclosure: Held
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