Shades Of Gray For Nab's Retail Bank
The Age
Monday September 8, 2008
NATIONAL Australia Bank has dipped into its senior ranks to find a successor to the outgoing head of its domestic retail banking division, Andrew Thorburn.
Mr Thorburn's move to New Zealand to replace NAB's new chief executive-elect, Cameron Clyne, has resulted in a major step up for Lisa Gray, who will become the Australian division's most senior female manager.Ms Gray is the chief operating officer of NAB Australia's 750-strong bank branch network. Her elevation will give her control of a business that is a major contributor to the group's overall $4 billion-a-year net profits.The decision to promote Ms Gray was taken by the head of the Australian division, Ahmed Fahour, in an effort to ensure as little operational upheaval as possible from the forthcoming retirement of group chief executive John Stewart.Mr Fahour was one of the leading candidates to take over from Mr Stewart, but his chances receded in a succession process that eventually culminated in Mr Clyne's appointment at the end of July.With his way blocked to the top job by Mr Clyne, Mr Fahour is expected to leave NAB in the coming months. However, he is said to be in no immediate hurry to quit a job he has held for four years and is anxious to avoid any operational repercussions if both he and Mr Thorburn were to depart.With NAB's Australian operations responsible for 60% of the group's total earnings, any disruption to the business caused by a top-level managerial upheaval would have major consequences on its revenue and profit streams.Ms Gray's appointment is seen as one way of avoiding such a possibility, particularly given other banks' efforts to grab market share in the retail banking sector.Ms Gray has been working her way up the ranks of NAB's retail bank, having been a regional general manager and before that, the head of its deposits and transactions business.She has also been a managing director of one of NAB's superannuation businesses. -- DANNY JOHN
© 2008 The Age
