NAB share price dips as CEO steps down

NAB announced the appointment of a new CEO to replace outgoing boss Ross McEwan.

The National Australia Bank Ltd (ASX: NAB) share price is in the red today

Shares in the S&P/ASX 200 Index (ASX: XJO) bank stock closed yesterday trading for $32.20. In morning trade on Wednesday, shares are swapping hands for $32.01 down 0.5%.

For some context, the ASX 200 is up 0.3% at this same time.

This comes amid news of a top-level executive shakeup at the big four bank.

Businessman walks through exit door signalling resignation

Image source: Getty Images

What's happening with the ASX 200 bank's CEO?

The NAB share price is dipping after the bank announced that CEO Ross McEwan will step down from the role on 2 April.

McEwan joined NAB in December 2019 to institute crucial changes following the findings of the Banking Royal Commission.

"Ross has been exactly the CEO we needed. He came in at a critical time with significant international experience and expertise," NAB chair Philip Chronican said.

Chronican said that McEwan "has rightly been recognised as a tremendous and reliable career banker".

He added, "He has been a stabilising force for NAB and the industry and we wish him well for the future."

The NAB board announced that Andrew Irvine will replace McEwan as CEO and managing director. Irvine has served as NAB's group executive business and private banking since 2020. Prior to that he was head of Canadian business banking at Canada's oldest bank, the Bank of Montreal.

"Andrew is well suited to take NAB into its next chapter of growth and performance for our customers, colleagues and the communities we serve," Chronican said.

Chronican added:

He has lifted our business and private banking performance and been a tireless advocate for the agricultural sector, small business and First Nations business. His expertise in digitisation, transformation and modernising has created significant benefits for how our bank operates.

"I am excited by the opportunity to lead NAB, a bank that is core to the financial needs of so many Australians and New Zealanders," Irvine said.

He noted that he'd learned a great deal from McEwan over the past years and said, "NAB is on the right trajectory to being a better bank and I will work with my colleagues to continue executing our strategic ambitions."

Commenting on Irvine's appointment as NAB's new CEO, McEwan said, "Andrew is a highly capable, internationally experienced banker who brings the right lens to us wanting to be Australia's best relationship-driven bank."

NAB share price snapshot

The NAB share price is up 1% over 12 months.

The ASX 200 bank stock has gained 14% over the last six months.

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Bank Shares

Happy young woman saving money in a piggy bank.
Bank Shares

If I invest $10,000 in ANZ shares, what passive income could I receive in FY27?

Are you invested into ANZ shares? Here's what you could earn.

Read more »

Four business people wearing formal business suits and ties walk abreast on a wide paved surface with their long shadows falling on the ground ahead of them.
Bank Shares

Are ASX 200 bank stocks a buy in October?

Find out what analysts are forecasting for bank shares over the next 12 months.

Read more »

A woman wearing a yellow shirt smiles as she checks her phone.
Bank Shares

Commonwealth Bank vs ANZ: Which is better for passive income?

Which ASX banking giant delivers better passive income: Commonwealth Bank or ANZ? Let’s stack up their dividends, franking and recent…

Read more »

Bank building with the word bank in gold.
Bank Shares

Here's the dividend forecast out to 2028 for Westpac shares

How much dividend income can investors bank on in the years ahead?

Read more »

Happy young couple saving money in piggy bank.
Bank Shares

Why I'd buy NAB shares in October

I take a closer look at why I would be comfortable adding this ASX bank share in October.

Read more »

Smiling man paying for his order from his phone on an EFTPOS machine at a restaurant.
Bank Shares

Should I buy CBA shares in October?

I look at the valuation, earnings forecasts, and dividend outlook before deciding what I would do next.

Read more »

Senior woman relaxing in a hammock with an e-book on her tablet.
Bank Shares

NAB vs ANZ: Which big four bank is the better passive income stock?

NAB and ANZ both pay steady dividends — but here’s which bank I’d buy for income today.

Read more »

Person writing notes with a piggy bank, calculator, and an ascending pile of coins on the table.
Bank Shares

Buying CBA shares? Here's the dividend yield you'll get today

CBA's dividend yield is on the rise.

Read more »