National Australia Bank on Wednesday announced that Ross McEwan would step down as chief executive and managing director on April 2 after more than four years in the role.
He'll be replaced by Andrew Irvine, NAB's group executive for business and private banking since 2020.
The Finance Sector Union welcomed the change in leadership.
"Communities around Australia have felt the negative effects of the NAB's incessant branch closure campaign driven by the bank's short-term, profit driven decision making," said FSU national secretary Julia Angrisano.
Ms Angrisano said Mr McEwan had left bank branches short-staffed and employees overworked.
NAB chairman Philip Chronican paid tribute to Mr McEwan, who he said came in with a mandate for change in December 2019 following the banking royal commission and served as a stabilising force for both NAB and the industry.
"Ross has been exactly the CEO we needed. He came in at a critical time with significant international experience and expertise," Mr Chronican said.
"I said when I joined NAB that Australians deserved for NAB to be a world-class service provider and we are now closer to that ambition," said Mr McEwan, who plans to retire on July 1 following a short transition period.
A dual British-Canadian citizen, Mr Irvine has previously worked at the Bank of Montreal and McKinsey & Company and was chosen after a lengthy assessment period.
Mr Chronican said Mr Irvine was well suited to take NAB into its next chapter of growth and performance for its customers, colleagues and the communities it served.
He'll be paid $2.5 million in fixed remuneration and could receive up to another $6 million in bonuses and long-term incentive awards.
13°C