NAB halted as executive changes arrive

At least we hope they’re resigning, via Bloomie:

National Australia Bank Ltd. shares were halted from trading pending an announcement on leadership changes.

The announcement, expected later Thursday, comes amid speculation Chief Executive Officer Andrew Thorburn and Chairman Ken Henry may be ousted after being sharply criticized by the financial industry misconduct inquiry, which questioned whether they were capable of leading the lender’s response to a series of scandals.

Comments

    • I like Mike. He’d be a decent choice. I was fortunate to work with him directly for a while earlier in my career and he is sharp, asks the right questions / gets the right advice and on top of that he is a geniunely nice guy.

      I realise that many may dislike him, but in person he is very impressive.

      • “Magic Mike”, nice guy, personable, with a winning smile.

        Shame about his incompetent, if not corrupt deal-making as NSW Premier. But if ripping off consumers for the benefit of the big end of town is one of the job criteria, I’d say he’s a shoe-in.

        But it seems to have worked for CBA with Comyn. I mean he’s young, good looking, talks a lot about cultural change. Who cares if it was him responsible for the disaster that cost them $750m and that they barely avoided criminal charges over?

    • Between political posts and lucrative corporate jobs, Australia is like a sitcom with the same few characters running the show.

      • proofreadersMEMBER

        She’s certainly well credentialed as an ex-pollie to run a bank. Shame this gig isn’t coming up a few months from now, as Kelly O’NAB could have been in the running with Mike NAB?

    • I hope so. But even if that happens, I still win. Any new-CEO-related rate hike is not what The Excellent Damien Boey saw in his pipeline.

      He claimed it was funding costs (which seem to be moderating, btw…!!!).

      Anyhoooo, no point fighting the last war. I don’t gloat too much over it.

      • You should try for Mr Boey’s job — just submit the MB threads as evidence. It’ll be well remunerated, no doubt

  1. If those two arrogant arsehats running NAB are ousted I may have to head off somewhere for a quiet fap in celebration.

    Not an attractive image I know, but a man’s gotta do what a man’s gotta do.

    Henry may yet live to regret his obnoxious behaviour in front of Hayne at the RC.

  2. No way they would resign. Waiting for their parachute payout. And that will go down like lead electorally for the Libs.

  3. proofreadersMEMBER

    Thorburn has resigned, Henry also leaving. Chronican the new Chair. CEO to be …? As ScoMo was the Steven Bradbury to politics, who will be the Steven Bradbury for NAB?

    • HadronCollision

      Wait , what?
      He was fired earlier this week and it took till now to resign? Would that have been to negotiate a payout? Or was he trying to stare them down .

  4. proofreadersMEMBER

    What price not having a bit of humility and contrition … forget the payout, respect is priceless?

    • Too true. You cannot imagine that Henry did not realise for a moment that his performance in the box at the RC would be interpreted any way other than an arrogant, obfuscating wanker. It was there for us all to see, writ large – he simply didn’t give a sh*t. Golden handshake around the corner and thank you, I’m outta here.

  5. This is a terrible outcome. Notwithstanding the performance of Ken Henry and Andrew Thorburn at the RC, I though NAB was painted in the best light compared to the other banks. Considering actual cases of behaviour as presented to the RC, the CBA, WBC and even ANZ had far worse failings. It seems the least culpable of the big four has paid the highest price.

      • Yes it does. My frustration I guess stems from the fact that the public baying for blood will probably be satiated by the two heads rolling at NAB. The CBAs, WBCs and ANZs of this world will walk scot free, and we will be discussing the next big thing next week.

        Hayne has basically punished the performance of those two at the RC, and has chosen not to punish the banks poor behaviour over the last 10+yrs.

    • After all that happened at CBA over a decade I dont understand why they get a free ride now. A pro consumer RC led to NAB losing a pro consumer CEO. Don’t understand that one either.

  6. Andy Thorburn can now have the two month holiday that he cancelled earlier in order to fight for his retention as top dog at NAB. Ken Henry gets time off to play with wombats etc while he lives on his past cash stash/investments, whatever he gets from NAB, plus a golden defined benefits pension, which is adjusted for upwards movements in the CPI, under the Commonwealth Superannuation Scheme.

    I expect their subsequent gigs will be as local henchmen for our Chinese overlord and other foreign groups. Ken Henry should be well rewarded by them for his work at the Treasury promoting high immigration and reduction of foreign investment restrictions, especially on real estate, land purchases and other key assets. His policy support at Treasury for the dismantling of Australia’s manufacturing base will also win him kudos in the eyes of the Chinese and other future foreign employers.

      • After the RC he’s on my list, so 5 minutes may be a good outcome for him.

        That Arseburn idiot, on the other hand, isn’t worth the effort.

  7. In the second instalment of the tv show Goliath, there si a notion of a ‘resident lawyer” in a conglomerate who’s job is to allow them to walk both sides of legal border and to take the fall in perilous legal times – for all of which they take a nice rewards.

    The only way a director will not be massively rewarded when leaving through the exit doors (and carries the blame away) is if the profits were in red.
    Democracy playbook, volume 1, chapter 1, verse 1