NAB eyes board renewal

Lender set to appoint two new non-executive directors, mulls post-Chaney future.

National Australia Bank (NAB) is moving towards a board renewal that will likely see long-serving chairman Michael Chaney retire next year, The Australian Financial Review reports.

According to the newspaper, the board refresh will also involve the appointment of two new non-executive directors to the board.

The moves will prompt serious consideration from NAB in terms of its overall succession plan, most notably its intentions for chief executive officer Cameron Clyne, who has been in the top position since 2009.

Mr Chaney played down suggestions the lender could lose its chairman and CEO at the same time, declining to tell the AFR is he was planning to exit before or after Mr Clyne.