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National Australia Bank Limited (ASX:NAB) has appointed Craig Drummond as group executive of finance and strategy.
Mr Drummond was previously chief executive and country head of Bank of America Merrill Lynch Australia.
The bank says he will commence in the role towards the end of this year.
NAB CEO Cameron Clyne says the appointment was the result of an extensive executive search.
The bank says it has committed to compensating Mr Drummond for deferred employment incentives to the value of $6.5 million in a combination of cash and equity, which he will forfeit by joining NAB.
NAB generated a net profit of $2.52 billion for the first half of the 2013 financial year.
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