National Australia Bank (NAB) today announced that Ms Lynne Peacock intends to step down as UK Chief Executive Officer in July 2011 after 8 years with NAB which included 7 years leading NAB's UK business. David Thorburn has been appointed CEO designate of UK Banking, subject to regulatory approval, and will join the Group's Executive Committee from 1 July 2011.
National Australia Bank Group CEO Mr Clyne said:
"Lynne has made a tremendous contribution to NAB and worked tirelessly to build our UK operations in to a strong, sustainable business with a first class reputation. Lynne has successfully transformed the UK businesses and ensured they were kept safe and secure during the worst financial crisis in post war history. I would like to thank her for the valuable contribution she has made as a member of the NAB Group Executive Committee.
"David Thorburn is an experienced executive with extensive business and retail banking experience coupled with strong leadership qualities. He has been a Board Director of Clydesdale Bank PLC since 2002 and worked closely with Lynne as part of the UK management team for 7 years.
"I would like to congratulate David on behalf of the Board and look forward to working with him on the continued development of NAB's UK Banking business," he said.
Sir Malcolm Williamson, Chairman, National Australia Group Europe Limited said:
"On behalf of the Board I would like to add the Board's thanks to those from Cameron for the significant progress the business has made during Lynne's time as CEO UK Banking. The Board also looks forward to working with David in his new capacity."
Lynne Peacock, UK CEO, said:
"It has been a great privilege to serve NAB over the past eight years but after almost seven years as UK CEO I believe that it is time for a change. It has been extremely fulfilling leading the transformation of the Clydesdale and Yorkshire Bank with the support of the Group and Board. Most importantly I'd like to thank the UK management team for their unstinting support, guidance and friendship.
"I'd also like to thank the UK's employees for their continued hard work and commitment to supporting our customers through these challenging times. Clydesdale and Yorkshire Banks are in a strong position and are well positioned for the future."