NAB: Group Executive Resigns

NAB's Former Chief Financial Officer Craig Drummond

The National Australia Bank has announced the replacement of its Chief Financial Officer.

The move sees Craig Drummond depart and the immediate appointment of Gary Lennon, to the post of Chief Financial Officer National Australia Bank Limited (NAB).

«It is with disappointment that I announce Craig Drummond’s resignation. I am incredibly appreciative of what he has done for NAB. During Craig’s tenure NAB has been through a period of significant change, and Craig has been pivotal to this,» said NAB Group Chief Executive Officer Andrew Thorburn

Golden Handshake

Drummond joined NAB in 2013 from Merrill Lynch, where he had been the CEO and Country Head.

In order to entice him away NAB had to compensate Drummond with a «golden handshake» of $6,5 millions in a combination of cash and equity for deferred employment incentives.  

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