NAB names new chairman

“I respect Charles Allen’s decision to step aside at this time. The National is a first-rate financial institution with strong performance and growth prospects,” said Kraehe in a statement. “In the immediate term my focus will be on dealing with the foreign currency options matter in an open and transparent way, accelerating further renewal of the Board, and creating a more open and transparent culture.”

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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