National Australia Bank Ltd (NAB) has appointed the head of its New Zealand operations, Cameron Clyne, as its new chief executive to succeed John Stewart from January 1 next year.
NAB chairman Michael Chaney said Mr Clyne's appointment followed an extensive succession planning exercise conducted over the last 18 months.
Mr Clyne will become chief executive designate on October 1 to ensure an orderly handover from Mr Stewart.
"Cameron Clyne is an outstanding executive with the strategic, cultural and leadership qualities that fit the business at this time," Mr Chaney said.
"Cameron has been a member of the NAB group executive committee for more than four years.
"Two and half years of this period were spent working with John Stewart on the strategic agenda.
"More recently, as CEO of Bank of New Zealand, Cameron has delivered a strong operational performance, building on the foundations of a well run bank in a challenging market."
Mr Stewart had previously indicated the bank would prefer to appoint an internal successor.
Mr Clyne had been tipped as the favoured candidate over chief financial officer Mark Joiner and head of the bank's Australian operations Ahmed Fahour.
Speculation that Mr Stewart's departure would be brought forward from the end of this year was sparked after the bank last Friday announced an additional $830 million writedown on assets related to US residential mortgages.
"Our ability to transition to the right person for the job from our internal management ranks is a direct result of the outstanding leadership by John Stewart since he was appointed in 2004," Mr Chaney said.
"John has worked tirelessly to create a great culture, develop a deep talent pool and deliver strong operating performances in all our businesses.
"The board acknowledges John's on-going and central contribution to the NAB businesses and in creating a terrific foundation for future success in our areas of key competency including wealth management, business and agri banking where we enjoy leading positions in many markets."
NAB also announced today that Mr Clyne will be replaced as chief executive of Bank of New Zealand by Andrew Thorburn, who is currently head of NAB's retail bank in Australia.
A replacement for Mr Thorburn will be announced in due course, NAB said.
