NAB halves group executive committee
National Australia Bank (NAB) has embarked on the next stage of the reorganisation of its business structure, reviewing its Melbourne head office operations and reducing its group executive committee from 15 to eight members.
Managing director John Stewart said the group executive committee had been restructured to better align with the regional operating model and future head office arrangements.
John Stewart, Ahmed Fahour, Michael Ullmer, Lynne Peacock, Michael Hamar, Peter Thodey and John Hooper retain their former positions on the group executive committee.
Cameron Clyne, former executive general manager, customer solutions, will also remain on the group executive committee, but in the new role of executive general manager, group development, where he will focus on business development opportunities, project governance, and the company’s “Six Sigma” capability.
Clyne also takes on the activities of the office of the chief executive officer, which were formerly performed by Ross Pinney, who has left the group executive and retired from the company after 15 years service.
Other former members of the group executive committee will continue in the positions they held prior to the change, but will no longer sit on the committee. Reporting lines are also unchanged by the modifications.
Further redundancies are expected in the group’s head office, with the company having flagged current numbers of 800 to 900 personnel likely to be reduced to “several hundred” at the end of the full year.
Stewart said the regional operating model would lead to fewer roles in group head office.
Responsibilities of remaining staff would include representing the interests of investors, setting business-wide performance targets and policies, sharing best practices, and fulfilling shareholder and prudential activities such as regulatory and reporting requirements, he said.
The wider NAB restructure was instigated by John Stewart early last year triggered by several years of bad performance and the embarrassing fall out from the foreign exchange trading scandal.
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