Baird has an "open mind" after leaving NAB
Former NSW Premier Mike Baird will stand down as the head of NAB's consumer bank after a three-year stint with the lender that included its battering at the banking royal commission.
The bank said on Thursday Mr Baird will leave the role on April 15 and take a break before "considering new opportunities".
Mr Baird in 2017 agreed to join NAB as head of the corporate and institutional bank just six weeks after resigning as NSW premier.
He was initially rumoured to be among the candidates for the chief executive role when former NAB boss Andrew Thorburn stepped down in February last year after copping scathing criticism during the Hayne inquiry.
Former Commonwealth Bank retail boss Ross McEwan was eventually tasked with rebuilding the bank's shattered reputation as its new managing director.
Mr Baird is the first major reshuffle in McEwan's leadership team since the former RBS boss began in the role in December.
Mr McEwan said on Thursday he supported Mr Baird's decision to step down.
"I am pleased that he has been part of my leadership team but understand and accept the reasons for his decision to leave," Mr McEwan said in a release to the ASX.
Mr Baird did not detail his future plans.
"I have an open mind about what I will do next and will use the time to determine where I believe I can make the best, most fulfilling contribution to business and the wider community," Mr Baird said.
Mr Baird's total remuneration last year was $1.7 million - including a $1.1 million salary.
That's down from a total remuneration of $2.29 million in 2018, reflecting the forfeiting of NAB executives' short-term bonuses in 2019.
At NAB's financial year end Mr Baird also held $500,000 worth of shares in the company as well as 67,888 NAB performance rights, which would be worth $1.59 million at Thursday's trading price.
Mr Baird's decision to join NAB in early 2017 came just months before the Hayne royal commission was announced and the bank was dragged over the coals for its misdeeds, which include the fees-for-no-service scandal.
Anthony Waldron, an executive general manager in Mr Baird's team, will act as chief customer officer of the consumer bank, subject to regulatory approvals, while NAB searches for a permanent replacement.
Mr Baird was elected the Liberal state representative for Manly in 2007, became NSW treasurer in 2011, and NSW Liberal party leader and premier in 2014.
Warringah, the federal seat overlapping his old state electorate, was taken from the Liberal party at the 2019 election by Independent MP Zali Steggall.
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