Sir Malcolm Williamson’s retirement from National Australia Bank has been announced today. He has been a director of National Australia Bank Ltd since 2004. He has, for the same period, served as Chairman and Director of National Australia Group Europe Ltd and Clydesdale Bank PLC. He will retire from those roles on 26 July 2012.
Sir Malcolm’s retirement is part of the on-going Board renewal programme which has been underway for some time. Implementation was delayed given the focus on the recently announced Strategic Review. Now that the strategy for Clydesdale and Yorkshire Banks has been agreed, the planned changes to the composition of the UK Board will now take effect.
David Thorburn, Chief Executive of Clydesdale and Yorkshire Banks, said: “For the past eight years, Sir Malcolm has successfully steered the UK Board through a period of tremendous change and the global financial crisis in particular. His extensive experience in financial services in the UK and USA has been of enormous benefit to the Bank and he is very well respected right across the banking sector. Given the Board’s on-going renewal program, and the new chapter we are beginning following the Strategic Review, we understand why this is the right time for Sir Malcolm to retire and focus on his many other commitments. We wish him well for the future."
Sir Malcolm Williamson will retire as a director of National Australia Bank Ltd with effect from 7 June 2012 and will retire as Chairman of National Australia Group Europe Ltd and Clydesdale Bank PLC following the close of the Board meeting on 26 July 2012. NAB Group Chief Executive, Cameron Clyne, who has been a member of the UK Board for over two years will be appointed Chairman of National Australia Group Europe Ltd and Clydesdale Bank PLC upon Sir Malcolm’s retirement.
As part of the UK Board’s ongoing renewal plan the composition of the Board of National Australia Group Europe Limited and Clydesdale Bank PLC will also change. Four new UK-based independent Non-Executive Directors were appointed during May to the Boards and have received regulatory approval from the Financial Services Authority (FSA). They are:
David Browne (appointed on 2 May 2012) was most recently Head of Group Funding & External Relations for investment management business Man Group plc. Barbara Ridpath (appointed on 9 May 2012) is the Chief Executive of the International Centre for Financial Regulation and was previously Executive Managing Director at Standard & Poor's. David Allvey (appointed on 18 May 2012) is the Senior Independent Director and Chair of the Audit Committee for Friends Provident Group PLC as well as for Intertek Group PLC. He is also Chair of the Costain Group PLC. Alex Shapland (appointed on 23 May 2012) was most recently a Partner with Price WaterhouseCoopers Financial Services Regulatory practice.
With the appointment of these four new directors, three Non-Executive Directors - Jonathan Dawson, Roy Nicolson and Elizabeth Padmore - will step down as directors with effect from 31 May 2012.
Sir Malcolm Williamson, said "Along with the Board, I am grateful to my fellow directors Jonathan Dawson, Roy Nicolson and Elizabeth Padmore for the invaluable contribution that they have made. The bank has benefitted enormously from their expertise during a very challenging period for the banking sector and we are grateful that they agreed to remain in post beyond their intended retirement dates to support the Strategic Review.”
The proposed appointment of two additional members of the NAB Group Executive Committee as directors of National Australia Group Europe Ltd and Clydesdale Bank PLC, are currently before the regulators for approval.