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NAB CEO resigns over FX trading scandal

02 February 2004  |  433 views  |  0

The Chairman of the National, Mr Charles Allen, today announced that the Board of Directors had appointed Mr John Stewart as Managing Director and Chief Executive Officer, following the resignation of Mr Frank Cicutto.

"The Board of Directors is pleased that John Stewart, currently a Director on the Principal Board and Executive Director of the National's business in the United Kingdom, has accepted our offer to become the Managing Director and Chief Executive Officer of the Group in Melbourne," Mr Allen said.

"Mr Stewart is an outstanding executive with international banking experience. John has demonstrated strong leadership skills, financial acumen and a successful track record in retail banking. He is widely respected in the international banking community and within the National."

"Mr Cicutto has made a very significant contribution to the National over the last 37 years, including the last five as Managing Director and Chief Executive Officer. He will be missed by his colleagues and we wish him well for the future."

In discussions with the Chairman, Mr Cicutto expressed his desire to resign. "I regret the decision was necessary but I believe it is in the best interests of the bank," Mr Cicutto said. "I am proud of the contribution I have made to its development as Australia's leading banking and wealth management business. I am comfortable in the knowledge that I am handing over a company that is well positioned for future growth."

Mr Stewart said he looked forward to working with the Board and the management team to build on the National's record of achievement through further integration of banking and wealth management, and development of the UK business.

"We have some short term issues to manage but I am confident that the Board and the management team will tackle these head on and that the National will continue to improve," Mr Stewart said. "We will all work hard to implement our strategies and deliver benefits for shareholders, customers and employees of the National."

Mr Allen said that the Board was continuing its search for additional Directors with relevant financial services experience.

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