NAB should avoid Mike Baird like the plague

Mike Baird appears to be firming as the favourite to replace Andrew Thorburn as NAB CEO, via UBS:

Following the negative comments by Commissioner Hayne in the Royal Commission Final Report NAB announced the resignation of both the CEO Andrew Thorburn and Chairman Ken Henry. NAB announced that well regarded and highly experienced Phil Chronican (formally CFO of Westpac and CEO of ANZ Australia) will be the Acting CEO at NAB while a global search is undertaken for a permanent CEO. At that stage we would expect Phil Chronican to take over as Chairman of the Board. We believe NAB has a number of solid internal candidates for CEO with Mike Baird (Head of Consumer Banking and former Premier of New South Wales) a lead contender in our view.

NAB is mad if it goes down this path. All it will be doing to confirming that it has learned nothing. Ken Henry is not the face of the banking royal commission failure for nothing. He is its most toxic exemplar because he personifies regulatory capture and the entitlement that comes it. Bad behavior flows from this structure.

Perhaps through no fault as his own, Mike Baird is exactly the same, a former political superstar poached by banking. To install him as CEO now would resonate throughout the land, in people’s minds and hearts, as NAB reaching even deeper into the swamp of vested interests and corruption.

Spare us the ignominy, NAB.

Comments

  1. I still feel sorry for the good folks of Parramatta.
    It was the great Mike Baird who decided to fill in the their public swimming pool to build one of his famous prestige, white elephant projects; a new footy stadium in place of the perfectively adequate one that was there.

    There’s been no arrangement, of course, to replace the pool.

    A cunning stunt. Or words to that effect.

    • but he had to resign suddenly because of “family matters”. I wonder what they caught him doing?

      Anyway, as the Betoota advocate put it: “Mike Baird’s Family Matters Completely Resolved After One Month On NAB Payroll”

  2. Come on. Does anyone think NAB actually cares what happened? They are throwing someone under the Bus to appease the unwashed for a moment before they go back to business as usual as the ruling elite class..

    • CaptainFeatherSwordsGhost-TheHaunting2

      too busy playing with little boys in sunday school. They don’t molest themselves you know!

  3. You really are stunning naive if you think this is going to end any other way. Mind you18 months on you’re still forecasting an Aussie Dollar crash. Don’t you know we really are different?

  4. Hill Billy 55MEMBER

    Well, it would be appropriate to have Evil Anna and pristine Mikey doing a foxtrot of joy for all the punters to see that the corruption is endemic to both sides of politics as well as the flagellating banks.