NAB CFO in surprising departure
(19 February 2016 – Australia) National Australia Bank (NAB) has appointed Gary Lennon as its next chief financial officer, following the abrupt departure of Craig Drummond.
Drummond resigned after two and a half years in the role, and developing a strong working relationship with bank chief, Andrew Thorburn. The duo oversaw a series of asset sales at NAB and in addition to last year’s A$5.5 billion capital raising.
Lennon has been with the bank since 2008, and in his current role as the executive general manager of finance at NAB since 2010. Before joining NAB in 2008, He previously held senior roles at Deutsche Bank and KPMG.
Drummond told reporters on Friday: "the type of work that will be required over the next two years as CFO is not something that fully excites me".
He added that he had joined NAB in the belief that he may become chief executive and still aspired to become a CEO.
"I have been in CEO roles before and that is certainly an aspiration but I am not ruling anything in or out. I have one or two things that are in front of me at the moment that I am considering and I will probably look to make a decision over the next two to three months – one is a little more urgent."
Thorburn spoke of his appreciation for what Drummond had done for NAB. "During Craig's tenure, NAB has been through a period of significant change, and Craig has been pivotal to this," he said.
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