NAB names Andrew Irvine as new CEO, bringing global experience to Australian banking

National Australia Bank (ASX: NAB) has announced that banking executive Andrew Irvine will assume the role of group chief executive officer and managing director in April.

A British-Canadian dual citizen, Mr Irvine holds a bachelor of science (hons) in business management and commerce from King’s College London and a master of business administration from Western University in Canada.

Since 2020, he has held the role of National Australia Bank group executive (business and private banking).

Prior to joining National Australia Bank, he was head of Canadian business banking at the Bank of Montreal, the nation’s oldest bank and one of its largest financial institutions.

Mr Irvine has also previously worked for McKinsey & Co, Lycos Europe and Credit Agricole.

Key strengths

Bank chair Philip Chronican said Mr Irvine’s key strengths included a passion for customer service, people leadership, risk management and international experience.

“Andrew is well-suited to take the bank to its next chapter of growth and performance for our customers, colleagues and the communities we serve,” he said.

“He has lifted our business and private banking performance and been a tireless advocate for the agricultural sector, small business and First Nations business.”

“His expertise in digitisation, transformation and modernising has created significant benefits for how our bank operates [and] he has made work simpler and easier for colleagues by deeply understanding their needs.”

Mr Irvine said he was keen to lead the bank into the next phase of its growth.

“This is a humbling decision by the board. I am excited by the opportunity to lead a bank that is core to the financial needs of so many Australians and New Zealanders,” he said.

“National Australia Bank is on the right trajectory to being a better bank and I will work with my colleagues to continue executing our strategic ambitions […] to benefit customers, colleagues and shareholders alike.”

Remuneration

In his new role, Mr Irvine will receive a fixed remuneration of $2.5 million per year inclusive of superannuation and any salary sacrifice arrangements.

It will include an annual variable reward target of 75% of fixed remuneration up to a maximum 100% and a long-term incentive annual grant up to 140% of fixed remuneration provided in performance rights.

Annual grants will be determined at the end of the relevant performance year and will be subject to shareholder approval.

Ross McEwan retires

Mr Irvine will take over from current National Australia Bank boss Ross McEwan in April, who will retire from executive roles after a long career in the finance and insurance industries.

Mr McEwan said he was pleased with Mr Irvine’s appointment following a lengthy assessment process.

“Andrew is a highly capable and internationally-experienced banker who brings the right lens to us wanting to be Australia’s best relationship-driven bank,” he said.

“I said When I joined National Australia Bank that Australians deserved for the bank to be a world-class service provider and we are now closer to that ambition.”

“I am confident to be leaving the bank’s customers in good hands with Andrew and the team.”