March 6, 2019 / 7:47 AM / 6 months ago

UPDATE 1-National Australia Bank names interim CEO Philip Chronican as chairman

(Adds background, details)

March 6 (Reuters) - National Australia Bank (NAB) on Wednesday named interim Chief Executive Philip Chronican as its new chairman after strong criticism from a financial sector inquiry into widespread misconduct prompted his predecessor to resign.

The year-long inquiry that exposed a culture of greed in the financial sector released its final report last month, singling out the chiefs of Australia’s fourth-largest bank for apparent unwillingness to accept responsibility for past wrongs there.

The stinging criticism prompted the departures of then chairman Ken Henry and chief executive Andrew Thorburn, the role Chronican now fills in.

In a statement, NAB said Chronican would replace Henry later in 2019, but did not specify a date. Henry had earlier said he would stay on as chairman until the bank hired a new chief executive.

“Much needs to change in a meaningful way at our bank,” Chronican said in the statement. “We have unfortunately been found wanting in too many areas when it comes to our customers.”

Chronican’s appointment came after indicating that he did not intend to be considered as a permanent chief executive, NAB added. (Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Darren Schuettler and Clarence Fernandez)

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