The Chairman of National Australia Bank Limited, Michael Chaney, announced today that Cameron Clyne had advised the Board that he will retire as Group Chief Executive Officer and Managing Director of the Bank in August this year.

The Board has appointed Andrew Thorburn as Group Chief Executive Officer and Managing Director, effective 1 August 2014, and he will be invited to join the NAB Board at this time. His appointment is subject to regulatory approvals.

Mr Clyne said leading more than 42,000 NAB employees and strengthening the culture and reputation of the organisation was the most rewarding role of his career. But he said the job had taken a personal toll and it was now time to retire from executive life.

“We have built a strong foundation for future growth with the revitalisation of the Personal Bank, grown our already strong position in business banking, and achieved material improvements in customer satisfaction and reputation. We have also worked methodically through our legacy issues while still making transformational change in our technology,” Mr Clyne said.

“I am leaving to spend some much-needed time with my young family. I am proud that I leave NAB as a strong, customer-focused bank.”

For further information see NAB ASX announcement.