Chaney lined up as next NAB chairman
(22 June 2004 – Australia) Wesfarmers managing director Michael Chaney will take over from Graham Kraehe as chairman of National Australia Bank in September 2005, just two months after stepping down as Wesfarmers boss.
Before taking on the role of chairman, Chaney will join NAB as a non-executive director in December 2004 while Kraehe will continue in his current role before handing over to Chaney.
"We are delighted to have a person of the calibre and experience of Michael joining the board," Kraehe said.
"He has an excellent track record, a strong focus on shareholder value and has delivered outstanding shareholder returns as managing director of Wesfarmers."
Chaney, who joined Wesfarmers in 1983 after working in the finance and petroleum industries in Australia and the US, said he believed NAB was one of Australia’s "outstanding companies".
"I have great confidence in the future of the group. I look forward to working with the board to help the National achieve its full potential and further improve shareholder returns," Chaney said.
Kraehe said the bank was making "significant progress" in its board renewal program.
"We are interviewing a number of appropriate candidates including some with Australian banking experience and expect to announce additional board appointments in the next couple of months," he said.
"We are delighted to have a person of the calibre and experience of Michael joining the board," Kraehe said.
"He has an excellent track record, a strong focus on shareholder value and has delivered outstanding shareholder returns as managing director of Wesfarmers."
Chaney, who joined Wesfarmers in 1983 after working in the finance and petroleum industries in Australia and the US, said he believed NAB was one of Australia’s "outstanding companies".
"I have great confidence in the future of the group. I look forward to working with the board to help the National achieve its full potential and further improve shareholder returns," Chaney said.
Kraehe said the bank was making "significant progress" in its board renewal program.
"We are interviewing a number of appropriate candidates including some with Australian banking experience and expect to announce additional board appointments in the next couple of months," he said.
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