NAB names new chairman
National Australia Bank (NAB) has appointed Graham Kraehe as chairman following the resignation of Charles Allen from the bank. The move comes just over a month after the bank announced that it was set to lose an initial estimate of A$180 million from unauthorised foreign exchange options trading. This figure was revised upwards to A$360 million ($277.4 million) in pre-tax losses following an internal investigation by NAB at the end of January.
Kraehe has worked as a chief executive in four companies in the wine, automotive and diversified industrial sectors, including Southcorp Holdings. Since retiring from his chief executive responsibilities, he has been a non-executive director of Brambles, News Corporation and founding chairman of BlueScope Steel (formerly BHP Steel), where he attained further exposure to international business and best-practice governance trends in Australia, the UK and the US.
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