2 Australian bankers criticized by misconduct inquiry quit

CANBERRA, Australia – The National Australia Bank said Thursday that its chief executive and chairman have announced their resignations just days after they were singled out for criticism in a scathing national report on misconduct in the financial sector.

The bank’s chief executive, Andrew Thorburn will quit as of Feb. 28, it said in a statement. Its chairman, Ken Henry, will retire from its board once Thorburn’s permanent replacement is found.

Board director Philip Chronican will act as chief executive from March 1.

Thorburn and Henry both gave evidence to Commissioner Kenneth Hayne in his misconduct inquiry. On Monday, Hayne recommended sweeping changes to Australia’s banking industry to protect the interests of customers as well as shareholders.

Thorburn and Henry were the only executives named in the inquiry into the misconduct.