Weapons downed as NAB boardroom battle ends
(11 May 2004 – Australia) The smoke in the National Australia Bank boardroom appears to be finally clearing with rebel director Catherine Walter announcing her decision to resign and chairman Graham Kraehe saying he will retire next year.
Walter’s decision to step down means the extraordinary general meetings that were due to take place later this month have been cancelled.
Kraehe said it had always been his intention to remain chairman until the board structure had been completed, and to retire "at a time which is consistent with the National’s best interest but not later than mid 2005".
Kraehe also announced that directors Ken Moss and Ed Tweddell would retire once replacements had been found.
In announcing her intention to resign, Walter said: "At all times I have tried to stand up for what I believe is in the long term interests of the bank, its shareholders, customers and staff. It will be for others to judge whether I have been successful in doing so."
Last week NAB appointed former VISA International president and CEO Malcolm Williamson to the board. Williamson was due to chair the now cancelled EGMs.
Kraehe said it had always been his intention to remain chairman until the board structure had been completed, and to retire "at a time which is consistent with the National’s best interest but not later than mid 2005".
Kraehe also announced that directors Ken Moss and Ed Tweddell would retire once replacements had been found.
In announcing her intention to resign, Walter said: "At all times I have tried to stand up for what I believe is in the long term interests of the bank, its shareholders, customers and staff. It will be for others to judge whether I have been successful in doing so."
Last week NAB appointed former VISA International president and CEO Malcolm Williamson to the board. Williamson was due to chair the now cancelled EGMs.
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