(17 February 2004 – Australia) The new chairman of National Australia Bank, former Southcorp and Pacifica boss Graham Kraehe, said he would initiate a “more open and transparent culture” at the bank.Kraehe replaced Charles Allen as NAB chairman following Allen’s resignation in the wake of the $360 million forex losses.
Kraehe said his immediate focus would be to deal with the investigations into the bank’s risk management breakdown in an “open and transparent way, and speed up “further renewal” of the Board – a response to criticism that NAB’s board lacked banking expertise.
He also said further board resignations were unlikely.
Kraehe has been a non-executive director at Brambles, News Corporation and was founding chairman of BlueScope Steel (formerly BHP Steel).