National Australia Bank Shares Fall After CEO Thorburn Departs

Thorburn, Chairman Ken Henry resign after withering criticism
Resignations increase ‘execution risk,’ Macquarie analysts say

Andrew Grant, senior lecturer at the University of Sydney, talks about the resignations of NAB’s CEO and chairman.(Source: Bloomberg)

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By Jackie Edwards

February 7, 2019 at 11:12 PM UTC

This article is for subscribers only.

National Australia Bank Ltd. shares fell after the chief executive officer and chairman both resigned, becoming the highest-profile casualties of a sweeping inquiry into misconduct in the country’s financial industry.

Andrew Thorburn, 53, and Chairman Ken Henry, 61, announced their departures late Thursday, just days after being the target of withering criticism in the Royal Commission’s final report, which questioned whether they were capable of leading the lender’s response to a string of scandals.