The National Australia Bank (ASX:NAB) has selected Andrew Irvine to succeed the current CEO, Ross McEwan. The bank announced on Wednesday morning that Andrew Irvine will assume the role of Group Chief Executive Officer and Managing Director, starting from April 2nd this year. Mr. Irvine has been serving as the NAB's Group Executive in charge of Business and Private Banking since 2020.
Mr. McEwan, who has had a distinguished career in financial and insurance services, will retire from executive roles. NAB Chair Philip Chronican highlighted Mr. Irvine's key strengths that supported his appointment, which include a passion for customer service, a successful track record in leading Australia’s largest business bank franchise, strong people leadership, expertise in risk management, and international experience.
Before joining NAB, Mr. Irvine held the position of Head of Canadian Business Banking at the Bank of Montreal (BMO), one of Canada’s oldest and largest financial institutions. He has also worked in various roles at BMO for over 12 years and has previous experience with McKinsey & Company, Lycos Europe, and Credit Agricole.
Philip Chronican, NAB Chair, expressed confidence in Mr. Irvine's ability to lead NAB into its next phase of growth and performance, emphasizing his customer-centric approach and contributions to improving business and private banking performance.
Ross McEwan was appointed as NAB CEO in July 2019 during a challenging period for the bank, following the departure of its chairman and CEO in the aftermath of the Hayne Royal Commission's findings into financial services. McEwan successfully stabilized the bank, with the share price increasing by approximately 20% during his tenure, and earnings showing strong growth.
The market value of NAB has surged from just under $A50 billion in July 2019 to $A100 billion as of Tuesday's closing, driven by share buybacks, higher earnings, and dividends, with support from the Reserve Bank and taxpayers during the pandemic years from early 2020 to 2022.
