SYDNEY, April 3 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
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)