NAB in halt ahead of ‘leadership changes’

NAB in halt ahead of ‘leadership changes’

NAB shares have been placed in a trading halt ahead of an announcement about “leadership changes” amid speculation over the futures of chief executive Andrew Thorburn and chairman Ken Henry.

Kenneth Hayne’s final royal commission report this week expressed serious concerns about the pair’s leadership, sparking immediate questions from investors about whether they can continue in their roles.

“NAB advises that the trading halt is requested pending a further announcement by NAB regarding leadership changes,” the bank said in an announcement to the ASX.

Mr Thorburn said on Tuesday he was “more determined than ever” to lead the bank, but later told the ABC he couldn’t guarantee his tenure.

In his final report made public on Monday, Commissioner Hayne said he was unconvinced that NAB was taking responsibility for failings aired at the royal commission that included charging fees for no service.

“Having heard from both the CEO Mr Thorburn, and the chair Dr Henry, I am not as confident as I would wish to be that the lessons of the past have been learned,” Commissioner Hayne wrote.

The lender’s shares were 1.26 per cent higher when trading was paused at 1514 AEDT on Thursday.

Mr Thorburn said on Tuesday he was “more determined than ever” to lead the bank despite Kenneth Hayne’s final royal commission report having expressed serious concerns about his leadership, and that of NAB chairman Ken Henry.

But Mr Thorburn told the ABC on Wednesday he “can’t guarantee” his future and the lender’s shares were 1.26 per cent higher when trading was paused at 1514 AEDT on Thursday.

AAP

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