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NAB CFO retires

NAB CFO retires

(6 April 2004 – Australia) National Australia Bank has embarked on a global search for a new chief financial officer following Richard McKinnon’s retirement from the post on Friday. McKinnon follows former chief executive Frank Cicutto and chairman Charles Allen, both of whom resigned in February, by leaving the bank.

McKinnon said that he had always planned to retire on his 55th birthday next year but that recent events and the change of leadership had convinced him that the bank needed "new faces at the top". He will leave the bank mid 2004.

NAB chief executive John Stewart said he had asked McKinnon to stay onboard until after the bank’s half year results and to enable a smooth handover to the new CFO.

Stewart was also helped out by NAB’s European boss Ross Pinney, who assisted with day to day banking operations, while the new chief executive dealt with the boardroom tensions. Pinney has since returned to London.

Referring to McKinnon’s decision to retire early, NAB chairman Graham Kraehe said it was a "principled decision" that reflected the integrity McKinnon had brought to the CFO position over the past four years.

McKinnon had been with NAB for 18 years.
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