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NAB chief executive Cameron Clyne has announced he will retire in four months.
Mr Clyne will be replaced on August 1 by Andrew Thorburn, the managing director and chief executive of NAB-owned Bank of New Zealand.
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“I am leaving to spend some much-needed time with my young family. I am proud that I leave NAB as a strong, customer-focused bank,” Mr Clyne said.
“We have built a strong foundation for future growth with the revitalisation of the Personal Bank, grown our already strong position in business banking, and achieved material improvements in customer satisfaction and reputation," he said.
"We have also worked methodically through our legacy issues while still making transformational change in our technology,” said Mr Clyne.
NAB chairman Michael Chaney paid tribute to the "exceptional leadership" of Mr Clyne.
"Cameron took over as chief executive during the global financial crisis and developed an effective strategy to steer the bank through a challenging period during which it has undergone significant cultural and structural change," he said.
Mr Chaney described Andrew Thorburn as an "outstanding banking executive”.
"Andrew Thorburn has done a superb job leading Bank of New Zealand since 2008 where he continued to build the bank’s performance, increasing cash earnings by more than 40 per cent, improving market share on the back of strong customer satisfaction and developing a strong leadership culture," he said.
