The National Australia Bank Ltd (ASX: NAB) share price is up 2.3% in morning trade to $27.54 on the back of news that the bank has appointed ex Commonwealth Bank of Australia (ASX: CBA) and Royal Bank of Scotland executive Ross McEwan as its next CEO.
"Ross brings a compelling range of experience across finance, insurance and investment with a track record of delivering important and practical improvements for customers. RBS has been through many of the same challenges which NAB now faces around culture, trust and reputation.", NAB's interim CEO Phillip Chronican commented.
Investors are cheering the news for similar reasons, although the new NAB boss faces challenges as benchmark lending rates in Australia sink to just 1% on the back of a series of weaker-than-expected macro-economic data points.
NAB was recently forced to slash its interim dividend around 16% to 83 cents and avoiding any further dividend cuts will be top of the wish list for existing investors.
