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Fahour, Ullmer get top NAB jobs

Fahour, Ullmer get top NAB jobs

(13 August 2004 – Australia) National Australia Bank has rung the changes at senior management level, appointing Ahmed Fahour as chief executive officer and Michael Ullmer as group chief financial officer. On the day Commonwealth Bank announced its full year profit, NAB told the markets that former Citigroup Australasia boss Fahour would join the bank on October 4.

He will take home A$1.5 million per annum and will receive $3.9 million compensation for the accrued value he was due from his tenure at Citigroup but gave up to join NAB.

Ullmer, who was most recently head of CBA’s Institutional Banking division and is a former KPMG partner, will start work at the bank in September.

Ullmer starts on a $1 million fixed salary and will receive another $1 million in performance options and rights when he takes up the role.

NAB chief executive John Stewart said the appointments brought a wealth of Australian and international experience to the bank.

"Ahmed Fahour will be responsible for bringing together our three main businesses in Australia – Financial Services Australia and the Australian components of the Corporate and Institutional Bank and the Australian operation of Wealth Management," he said.

"Michael [Ullmer] brings more than 30 years experience in financial services to his role as chief financial office and has a strong track record for delivering superior returns to shareholders."

The bank has also appointed four non-executive directors to the board: Robert Elstone, Danny Gilbert, Paul Rizzo and Jillian Segal.
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