National Australia Bank’s Chairman and CEO have resigned following the Banking Royal Commission’s report on misconduct in the financial industry

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Ken Henry and Andrew Thorburn, Chairman and CEO of National Australia Bank (NAB), have resigned following the criticism received in the final report of the Banking Royal Commission. The bank announced that Henry will remain on the board until a new CEO is appointed.
Thorburn and Henry were the subject of heavy criticism from the commission, with commissioner Kenneth Hayne questioning whether the two leaders could learn the lesson and reform the culture of the country’s fourth largest bank. Thorburn is set to receive A$1 million pay-out following his resignation but will not receive unvested awards totalling A$20 million.

Financial Times, Jamie Smyth, February 7, 2019 | Financial Times, Jamie Smyth, February 20, 2019