Latest news with #TheAustralianFinancialReview
Sky News AU
15 hours ago
- Business
- Sky News AU
NAB chief executive Andrew Irvine breaks silence after facing media scrutiny over management style, drinking at events
The boss of a major Australian bank has spoken out after facing intense public scrutiny over his management style and drinking at corporate events. Concerns were raised about NAB chief executive Andrew Irvine by major investors over his behaviour, leading the bank to increase leadership development and mentoring, according to The Australian Financial Review. In his first public appearance since the reports arose, Mr Irvine told attendees at an Australian Banking Association conference that he had struggled with the media scrutiny. '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 said to outgoing ABA chief executive and former Queensland Premier Anna Bligh. 'I expect that there's public scrutiny in roles like this, you just hope that it's even-handed and balanced as you kind of go through it. 'I'm sure you've experienced this as a politician in the past and many public figures will experience media. 'I've just got to get through it.' Concerns about Mr Irvine's management style were reportedly raised with NAB's chairman Phil Chronican at an investor lunch in June, where some fund managers questioned whether the bank boss needed to curtail his drinking at events. Following the scrutiny, NAB issued a statement defending Mr Irvine and the bank's leadership team. 'Andrew Irvine and the NAB leadership team are delivering sound financial and operational results,' an NAB spokesperson said. 'They are executing on a refreshed strategy focused on further improving customers and colleague outcomes.' Mr Irvine also reportedly missed an informal board meeting to discuss the recent reporting about his leadership because he was asleep. He said he missed the meeting as he was on annual leave in Toronto where it was 3am - while the meeting took place at 5pm Sydney time. 'It was an informal conversation to try and get the facts around what was being said and whether the board felt it was fair and warranted,' Mr Irving told media outside the ABA conference, per The Australian. Pressed on whether any changes were warranted, Mr Irvine said he would continue to invest in his relationships with the bank's customers. 'It helps me understanding their business and it helps them understand how we're supporting them, and they often give us their business as a result,' Mr Irvine said. 'So I'm not going to change the amount of time I spend with our customers, I think it's a really important part of who I am and what I want the rest of our staff to be doing.' The NAB chief executive was promoted to the bank's top job in April 2024 from the head of the NAB business banking division.
AU Financial Review
2 days ago
- Business
- AU Financial Review
Business can't fool itself about Chalmers' roundtable
A month out from Treasurer Jim Chalmers' Economic Reform Roundtable, Alan Joyce is cautioning business groups to enter the three-day policy summit with their eyes wide open to avoid getting played by the Albanese government again. The former Qantas chief executive told The Australian Financial Review on Tuesday how the scales fell from his eyes on the first day of the September 2022 Jobs and Skills Summit. Corporate leaders had not been invited to participate in a genuine dialogue about Australia's economic future, he realised. They had been roped in to give the impression that businesses supported Labor's pre-ordained union-friendly re-regulation of the workplace system.
Sky News AU
2 days ago
- Business
- Sky News AU
ASX's largest tech company WiseTech warns of redundancies amid increased AI use
The ASX's largest tech company will begin a series of redundancies as it increases the use of artificial intelligence in the workplace. Australian logistics company WiseTech on Tuesday told staff it was looking to restructure its operations. The message came from WiseTech's chief of staff Zubin Appoo who informed the 3500 employees the decision followed a 'deep assessment' of the company. 'The result of the assessment means we will conduct a phased restructure program across all functions of the business and all regions,' Mr Appoo's email read, per The Australian Financial Review. 'There will likely be several phases across the business, and we will communicate these as soon as possible.' The restructure will first focus on the product development and customer service divisions alongside the WiseTech Academy – which does training for the company's major product CargoWise. This is the first step in the company's phased restructure, which Mr Appoo acknowledged can 'create uncertainty' for staffers. 'Our aim is to take the time to ensure that this difficult process is done with as much empathy, respect, dignity and ongoing support for our team members as possible,' Mr Appoo said. The shift aims to 'amplify and extend' WiseTech's use of AI tools to bolster productivity particularly in software development, according to Mr Appoo. A WiseTech spokesperson confirmed the upcoming changes in a statement to 'We have undertaken an assessment of our workforce to ensure that we have the right operating model, right mix of roles and right skills in place to deliver on our medium and long-term growth priorities," the spokesperson said. "Similar to other technology companies, this includes a focus on maximizing efficiency via automation and particularly the use of AI. 'As a result, some roles will be made redundant." WiseTech's shift comes amid a tumultuous year for the major company involving a series of scandals surrounding its founder Richard White. Mr White in October resigned as CEO from his company after 30 years to take up a 'full-time, long-term consulting role' where he would continue to earn his annual $1m salary he made as chief executive. However, this never happened - and he returned as executive chairman in February while four independent directors resigned over 'intractable differences' with Mr White's role at the company. That followed reports in Nine-owned newspapers of the WiseTech founder purchasing a $7m house for a female employee he was in a relationship with, paying $2m to another ex-lover and an accusation that he allegedly intimidated a former director. This was sparked by a trial between himself and Linda Rogan, an alleged former lover of Mr White, over $90,000 worth of luxury furniture for a lavish home in Sydney's eastern suburbs the tech billionaire had purchased for her. Three more women came forward with allegations of inappropriate behaviour from Mr White in February, including a Brazilian woman on a visa who claimed the tech billionaire provided help in exchange for a sexual relationship.
AU Financial Review
3 days ago
- Business
- AU Financial Review
‘Australia deserves respect': PM rebuffs critics over Trump chat
Prime Minister Anthony Albanese has denied the lack of a first face-to-face meeting with Donald Trump is hurting Australian interests, arguing no other country had secured better trade arrangements against the US president's tariff walls and Australia 'gives and deserves respect'. Speaking to The Australian Financial Review as he returned from last week's five-day, six-night visit to China, Albanese also rejected criticism the trip had failed to produce any concrete outcomes and that he was being too deferential towards Beijing as geopolitical tensions ratcheted up.
AU Financial Review
6 days ago
- Business
- AU Financial Review
Chalmers bets on AI to revive stagnant economy
The artificial intelligence revolution could not have come at a better time for Treasurer Jim Chalmers, who has been struggling to sell the narrative that 'the Australian economy is turning a corner'. AI is being prescribed like it's the new wonder drug to revive stagnant productivity, boost business investment and kickstart growth. The Treasurer appears to have embraced this idea. He told The Australian Financial Review last month that AI was an absolute game changer, a key part of the productivity agenda, and that while 'regulation will matter, we are overwhelming focused on capabilities and opportunities, not just guardrails'. Harnessing data and digital technology is the third pillar of Chalmers' Productivity Agenda which he has tasked the Productivity Commission with.
