New board members part of plan to revive NAB
National Australia Bank will announce new director appointments next week as it tries to turn around negative investor sentiment. Two successful candidates are expected to be named after the August board meeting. Potential new directors could include Paul Rizzo, former dean of Melbourne Business School and chief general manager of retail banking at Commonwealth Bank; former Queensland Investment Corp deputy CEO Peter Forbes; and John Astbury, former NAB chief general manager.
NAB CEO John Stewart spoke to major shareholders last week but failed to halt the dive in the bank's share price, which closed down 29 cents at $26.87 on Friday – the lowest level since September 2001. Goldman Sachs JB Were said NAB's July 14 profit warning was the bank's 10th since the beginning of 2001. The broker says NAB has a 73 per cent chance of a further earnings revision.