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The CEO of Ubank has resigned for another role and NAB’s group executive of retail banking is also set to leave, amid a swathe of senior leadership changes.
National Australia Bank (NAB) has announced a raft of departures from its executive team, including its head of business and private banking, Rachel Slade, and the resignation of CEO of digital banking brand Ubank, Philippa Watson.
Watson has resigned from her position as Ubank CEO and taken up a role outside the banking sector. It is understood that she will be in the position for another three months while the search for a successor begins.
The outgoing CEO will leave to become head of Coaxial Ventures, a private investment entity owned by billionaire Nicola Forrest and her children, according to media reports.
Watson has been Ubank CEO since 2020, prior to which she spent more than 14 years at Commonwealth Bank.
She has also served as a non-executive director at NAB’s venture arm, NAB Ventures, since 2020. It is unclear whether Watson will continue in this position.
During her term as Ubank CEO, the lender rapidly grew its home loan and deposit volumes and saw its customer satisfaction score rise to the second-highest of any bank in Australia, according to NAB.
NAB group chief operating officer and Ubank chair, Les Matheson, said: “Philippa has successfully led Ubank through significant transformation, including the acquisition and integration of neobank 86 400.
“She has built a technology platform and culture that positions the business for continued momentum and long-term growth. We are grateful to Philippa for her contribution and wish her well.
“I will work with Philippa on a smooth transition over [the] coming months while we appoint a new CEO for Ubank.”
Commenting on her time as CEO, Watson said: “It has been a privilege leading Ubank at a such a pivotal time in its evolution.
“While I am stepping outside the world of banking, I am taking with me all the passion and sense of purpose that makes Ubank so special. My top priority for the coming weeks is to ensure a smooth transition so Ubank keeps up its momentum.”
NAB shakes up leadership
NAB has also announced major changes to its executive leadership team.
Among them is the departure of Slade, the group’s head of business and private banking (B&PB) and the former group executive of personal banking.
Slade joined NAB in 2017 and was appointed to the executive leadership team in 2018 as chief customer experience officer, then group executive, personal banking in 2020. Slade became group executive, B&PB last year when Andrew Irvine became NAB group CEO.
Nathan Goonan has also resigned from NAB, where he was group CFO, and will join Westpac as its new CFO, subject to regulatory approval.
No details were provided about his departure at NAB or start date at Westpac aside from him leaving the major later this year after “meeting his contractual obligations”.
Goonan has been with NAB for a total of 15 years in two periods, holding various executive roles. He joined the executive leadership team in 2020 as group executive, strategy and innovation and was appointed group CFO in 2023.
He will join Westpac later this year, replacing the bank’s current chief financial officer, Michael Rowland.
Westpac CEO Anthony Miller said: “Nathan is a seasoned financial services executive, with more than 20 years’ experience across all aspects of banking. I’m delighted to appoint someone of Nathan’s calibre to this role. His breadth of knowledge across many areas, coupled with his deep expertise in finance, makes him an ideal fit.”
New hires at NAB
As well as announcing a range of resignations, NAB has also confirmed a new hire.
Andrew Auerbach, an experienced business and wealth banker from Canada, will join as group executive, business and private banking (B&PB) on 16 June. Auerbach’s appointment is subject to regulatory approvals.
Auerbach has spent more than 21 years in senior executive roles with the Bank of Montreal (BMO) in Canada, including alongside Irvine.
Following this, in 2023 he co-founded and is CEO of Canadian wealth management firm, Delisle Advisory Group. He will end his involvement with Delisle before joining NAB.
Given the changes, the following transition arrangements will be in place from Tuesday (18 March):
- Michael Saadie, currently executive, private wealth and CEO of JBWere, acting as group executive B&PB until Auerbach starts at NAB.
- Shaun Dooley, currently group chief risk officer (CRO), acting as group CFO while NAB recruits a new group CFO.
- Peter Whitelaw, currently executive, chief resilience risk officer, acting as group CRO.
Commenting on the leadership changes, Irvine said: “NAB has good business momentum and is executing a clear strategy based on being better for customers and our colleagues. We have great talent and leadership across the bank and I’m confident we will maintain momentum while we embed these changes.
“Andrew will be a tremendous addition to the NAB team and a strong leader for our leading business bank as we continue to execute our strategy and drive performance in a competitive environment. In particular, he brings a strong track record of improving both customer experiences and financial performance.
“Rachel and Nathan have been dedicated to NAB, very supportive of successive group CEOs and focused on customers every day. I have appreciated their support in our time together and wish them well for the future.”
[Related: Ubank upgrades broker platform after seeking out user feedback]
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