NAB shares push higher on leadership changes

This banking giant just announced a number of executive changes.

| More on:
Business women working from home with stock market chart showing per cent change on her laptop screen.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

National Australia Bank Ltd (ASX: NAB) shares are pushing higher on Wednesday.

In morning trade, the banking giant's shares are up 0.35% to $34.75.

Why are NAB shares rising?

This morning, NAB CEO Andrew Irvine announced a number of changes to its executive leadership team.

According to the release, Rachel Slade will be appointed group executive of business and private banking effective Monday, 29 April. Ms Slade is currently the group executive of personal banking.

On the same day, Ana Marinkovic will be appointed as Ms Slade's replacement as group executive of personal banking. Ms Marinkovic is currently the executive of business direct and small business in the business and private banking team.

Furthermore, effective on 1 July, Cathryn Carver will be appointed group executive of corporate and institutional banking.

Ms Carver will replace David Gall, who leaves NAB on 1 October after 16 years with the bank, including 10 years as an executive leadership team member. Ms Carver is currently the executive of client coverage in corporate and institutional banking.

'Delighted' with appointments

Mr Irvine revealed he was "delighted" that all the appointments were from within NAB's senior leadership team. He believes this helps ensure alignment in delivering for the bank's customers and colleagues.

He also highlighted that all three executives had a track record of helping customers succeed while getting the basics of banking right.

He added:

These appointments demonstrate our ability to identify and develop talent within the business while broadening diversity and experience. Rachel, Ana and Cath, who will lead NAB's customer-facing businesses in Australia, are great relationship bankers who inspire their teams to deliver results for customers. They understand the importance of using technology and data to make NAB easier and simpler to bank with.

This completes the Executive Leadership Team that will take NAB forward and maintain the momentum we have across the business by executing with discipline and focus. We see plenty of opportunities to build on NAB's leadership in areas such as business lending, particularly to small and medium businesses, while continuing to deliver better outcomes for customers and colleagues.

Commenting on the exit of David Gall from the key corporate and institutional banking business, Mr Irvine added:

I would particularly like to thank David Gall for having been a tremendous peer and leader for C&IB while I have been at NAB, and for his previous roles across various functions. David embodies what it means to be a NAB leader and we are grateful for his contribution to the business.

NAB shares have outperformed the market over the past 12 months and are up 23% since this time last year.

Motley Fool contributor James Mickleboro 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

Woman calculating dividends on calculator and working on a laptop.
Dividend Investing

What's the dividend yield of NAB shares right now?

What’s the size of NAB’s payout?

Read more »

A woman standing on the street looks through binoculars.
Bank Shares

Here is the earnings forecast through to 2026 for ANZ shares

Dividend investors will be keen to see what's on the horizon for ANZ.

Read more »

Happy man working on his laptop.
Bank Shares

ASX 200 bank stock smashing the benchmark on Friday as a key metric strengthens

Investors are sending the ASX 200 bank stock surging on Friday. But why?

Read more »

A woman in a bright yellow jumper looks happily at her yellow piggy bank representing bank dividends and in particular the CBA dividend
52-Week Highs

Why is the CBA share price setting a new all-time high today?

Australia's biggest bank just became more expensive. What is driving the demand?

Read more »

Bank building with the word bank in gold.
Bank Shares

Here's what Wilsons is saying about ANZ, CBA, NAB, and Westpac shares

What are its analysts saying about the big four banks following their updates?

Read more »

A man looking at his laptop and thinking.
Bank Shares

Is the CBA share price heading back to $100?

This bank stock may be overvalued and headed down according to one broker.

Read more »

Hand with Australian dollar notes handing the money to another hand symbolising ex-dividend date.
Bank Shares

Here's the ANZ dividend forecast through to 2026

The banking giant will be paying its latest dividend soon. But what will come next?

Read more »

A businesswoman exhales a deep sigh after receiving bad news, and gets on with it.
Bank Shares

Why is the ANZ share price sinking today?

Is today's decline actually good news for investors?

Read more »