In an ASX announcement, National Australia Bank Limited confirmed arrangements for outgoing Group CEO Andrew Thorburn and interim Group CEO Philip Chronican.
Mr Thorburn has resigned and will finish at NAB on 28 February 2019. In accordance with his contractual entitlements, Mr Thorburn will receive payment of $1,041,449 in lieu of 26 weeks’ notice, along with accrued leave entitlements. All Mr Thorburn’s unvested deferred awards will be forfeited in accordance with plan rules.Interim arrangements for Group CEO.
Mr Chronican, a current Non-Executive Director, will commence in the role of Group CEO (subject to regulatory approvals) on 1 March 2019, serving until the appointment and commencement of a new Group CEO. For the period Mr Chronican serves as Group CEO, he will receive a fixed monthly fee of $150,000including superannuation, representing an annualised remuneration of $1.8 million. Mr Chronican will not be eligible for any variable remuneration, nor will he receive Non-Executive Director fees while in the Group CEO position.
It has also established special committees for the selection of a new Chairman and Group CEO.
