The National Australia Bank Ltd (ASX: NAB) share price has defied the market weakness and pushed higher this morning.
At the time of writing the banking giant’s shares are up 0.25% to $28.48.
Why is the NAB share price pushing higher?
Whilst there has been no major news out of the bank today, its announcement of a new board appointment may have gone down well with investors.
This morning NAB’s outgoing chairman, Dr Ken Henry, announced the appointment of Ms Kathryn Fagg as a non-executive director, effective December 16 2019. This is subject to regulatory approval.
According to the release, Ms Fagg is a respected and experienced director and chairman. She has extensive leadership experience across a range of industries, including banking.
Dr Henry said: “While I will soon be resigning from the Board, on behalf of Philip Chronican and our fellow directors, we are delighted Kathryn has accepted our invitation to join the Board and look forward to the diversity of thought, experience and skills she will bring.”
Ms Fagg certainly does have a lot of experience and appears to be a good fit for the bank.
She has been a board member of the Reserve Bank of Australia and was appointed an Officer of the Order of Australia (AO) in the 2019 Queen’s Birthday Honours.
Ms Fagg is also chairman of Boral Limited (ASX: BLD) and a non-executive director of Djerriwarrh Investments Limited (ASX: DJW) and the CSIRO. She intends to retire as a non-executive director of Incitec Pivot Ltd (ASX: IPL) at the conclusion of their Annual General Meeting on December 20.
Ms Fagg said: “I believe a strong banking system is essential for our nation’s economic wellbeing and I look forward to bringing my knowledge and experience from multiple sectors, including banking, to address the challenges and opportunities for NAB earn the trust and respect of its shareholders, customers, employees and the broader community.”
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of National Australia Bank Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.