National Australia Bank CEO Clyne quits

SYDNEY, April 3 Wed Apr 2, 2014 5:47pm EDT

Related Topics

SYDNEY, April 3 (Reuters) - National Australia Bank Ltd , the country's fourth largest by market capitalisation, on Thursday announced the surprise retirement of chief executive Cameron Clyne, replacing him with the head of the group's New Zealand operations.

Andrew Thorburn, a former executive at rival Commonwealth Bank of Australia who joined NAB in 2005, will take over on Aug. 1, NAB Chairman Michael Chaney said in a statement.

"Cameron took over as CEO during the global financial crisis and developed an effective strategy to steer the bank through a challenging period during which it has undergone significant cultural and structural change," Chaney said. (Reporting by Lincoln Feast, editing by G Crosse)

FILED UNDER: