NAB announces executive shake-up

National Australia Bank (ASX:NAB) has announced several changes to its executive team, including scrapping the position of deputy CEO.

Current deputy CEO Michael Ullmer will step down on August 31, and will also resign as a director at that time, the bank said.

Its UK CEO, Lynne Peacock, will step down one month earlier.

David Thorburn will on July 1 be appointed CEO designate of UK Banking, subject to regulatory approval. Thorburn will also join the group's executive committee.

Thorburn joined Clydesdale Bank, NAB's Scottish subsidiary, in 2002, according to NAB group CEO Cameron Clyne.

“[He has] worked closely with Lynne as part of the UK management team for 7 years,” he said.