NAB continues cultural transformation
(28 April 2004 – Australia) National Australia Bank has made two management changes as part of the bank’s bid to overhaul its culture in the wake of the forex trading scandal and subsequent boardroom spat.
Former executive general manager, People & Culture, Peter McKinnon has been appointed executive general manager, Office of the CEO, while NAB’s European director Lynne Peacock has been given responsibility for the bank’s people and culture issues.
Peacock will be based in Melbourne and continue her role as director of the bank’s Europe and Wealth Management boards.
NAB chief executive John Stewart said the changes were "tangible evidence" of the bank’s ongoing revitalisation.
"It is clear that the National needs to become more outward looking, transparent and positive," he said.
"But we also need to get the basics right for our key stakeholders, including staff, customers, regulators, shareholders and the broader community," Stewart said.
He said Peacock’s enhanced role was aimed at accelerating cultural change and ensuring the bank improves its governance process.
"We will learn from the mistakes of the past and put in place new values and processes to ensure that they are not repeated," Stewart said.
Peacock will be based in Melbourne and continue her role as director of the bank’s Europe and Wealth Management boards.
NAB chief executive John Stewart said the changes were "tangible evidence" of the bank’s ongoing revitalisation.
"It is clear that the National needs to become more outward looking, transparent and positive," he said.
"But we also need to get the basics right for our key stakeholders, including staff, customers, regulators, shareholders and the broader community," Stewart said.
He said Peacock’s enhanced role was aimed at accelerating cultural change and ensuring the bank improves its governance process.
"We will learn from the mistakes of the past and put in place new values and processes to ensure that they are not repeated," Stewart said.
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