NAB CEO faces the axe as the bank suspends share trading ahead of 'leadership changes' - after it was savaged in the royal commission report
- NAB shares in a trading halt as bank prepares to announce 'leadership changes'
- Halt was announced on Thursday amid growing speculation about future of CEO
- Mr Thorburn was singled out in Kenneth Hayne's royal commission report
National Australia Bank shares are in a trading halt as the bank prepares to announce 'leadership changes' following the royal commission report which tore the CEO to shreds.
The halt was announced on Thursday afternoon amid growing speculation about the future of chief executive officer Andrew Thorburn and chairman Ken Henry.
'The securities of National Australia Bank Limited ('NAB') will be placed in trading halt at the request of NAB, pending it releasing an announcement,' the ASX announcement said.
National Australia Bank shares are in a trading halt as the bank prepares to announce 'leadership changes' following the royal commission report which tore the CEO to shreds
'Unless ASX decides otherwise, the securities will remain in trading halt until the earlier of the commencement of normal trading on Friday, 8 February 2019 or when the announcement is released to the market.'
The trading halt was requested pending an announcement by NAB regarding leadership changes.
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Mr Thorburn was singled out in Kenneth Hayne's final report, which revealed greed and misconduct in the Australian financial sector at the expense of consumers and businesses.
'NAB also stands apart from the other three major banks,' Mr Hayne wrote.
'Having heard from both the CEO, Mr [Andrew] Thorburn, and the chair, Dr [Ken] Henry, I am not as confident as I would wish to be that the lessons of the past have been learned.'
Mr Thorburn (pictured) was singled out in Kenneth Hayne's final report, which revealed greed and misconduct in the Australian financial sector at the expense of consumers and businesses
On Tuesday, Mr Thorburn said he was 'more determined than ever' to lead the bank and admitted the comprehensive reported showed their was 'clearly more work to do'.
'We are taking steps to earn your trust through action and now we will need to work through this report and implement the recommendations,' he said.
In an interview with ABC on Wednesday he said he 'can't guarantee' his future.
The lender's shares were 1.26 per cent higher when trading was paused at 1514 AEDT on Thursday.
Mr Henry will appear on ABC's 7.30 with Leigh Sales on Thursday night.
'My gues(t) tonight, in his first interview since the royal commission, is NAB chair Ken Henry,' Ms Sales wrote on Twitter.
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