National Australia Bank chief Andrew Irvine admits to ‘difficult week' after public scrutiny

West Australian

5 days ago

National Australia Bank chief Andrew Irvine says last week's intense scrutiny has been 'difficult' in his first comments after a report emerged raising concerns about his behaviour and leadership style.
Addressing the issue publicly on Wednesday, Mr Irvine said he expected scrutiny in his role but had hoped it would be 'even-handed and balanced'.
'Last week was difficult, I'm not going to beat around the bush, especially when media is quite personal and public. So it was hard for me and for my family,' Mr Irvine, who had been on holiday, told the Australian Banking Association conference in Sydney.
'I've just got to get through it and I plan on doing that.
'I love the job that I do, it's a real privilege to run the National Australia Bank. There's a real noble purpose in what we do, helping people navigate their financial lives, and that gives me energy.'
Mr Irvine — who replaced former boss Ross McEwan last April — was under the microscope last week after it was reported major investors raised concerns about his leadership style and drinking at client meetings and events with the bank's directors.
Mr Irvine's management approach was reportedly raised with NAB chair Phil Chronican at an investor lunch in Sydney last month, according to the The Australian Financial Review report.
A NAB spokeswoman last week said Mr Chronican and the board backed Mr Irvine, and that 'Andrew Irvine and the NAB leadership team are delivering sound financial and operational results'.
'They are executing on a refreshed strategy focused on further improving customer and colleague outcomes. The board's support for Andrew and his team is unchanged,' she said.
The Australian Financial Review also reported last week that NAB directors had informally met, asking Mr Irvine to continue in his role but urging him to improve his presentation.
The board agreed that in the absence of any further, more specific claims, no action was required.
Mr Irvine told media outside the ABA conference on Wednesday he missed the informal board meeting because he was asleep.
He had chosen not to participate because it was held at 3am Toronto time, or 5pm Sydney time, when he was overseas on holiday.
It comes following a string of senior departures at NAB, including chief financial officer Nathan Goonan in March. He moved to rival Westpac.
Former business banking boss Rachel Slade was also replaced by Mr Irvine's former Bank of Montreal colleague Andrew Auerbach last month.
Mr Irvine also warned the ABA conference on Wednesday that Australia was facing a 10-year productivity drought. He said many jobs created in the past decade had been low productivity roles in the care economy.
He said Australia's housing crisis was the number one issue.
'We're struggling to build enough dwellings to both maintain the dream of Australian home ownership and enable migration,' he said.