National Australia Bank today announced the appointment of Robert Coombe as independent non-executive Chairman of National Wealth Management Services Limited (NWMSL), the head company of the MLC Wealth (MLC) business.
NAB Chairman Philip Chronican said the appointment of new independent Directors to the NWMSL Board, commencing with the appointment of an independent Chairman, was an important next step in the path to establishing MLC as a standalone business.
"Rob has the right leadership skills and experience for MLC as it separates from NAB at a critical time for the wealth management sector and its clients," Mr Chronican said.
"He has extensive relevant experience in wealth management and financial services including superannuation, asset management, retail and private banking and financial advice businesses.
"MLC is well progressed in its plans to reshape, restore and renew its business and this appointment represents another important milestone in its establishment as a standalone business with strong corporate governance."
Mr Coombe is currently Chairman of ASX-listed Generation Development Group, Chairman of Tibra Capital and an Independent Director of CIMB Group, a leading ASEAN universal bank.
He is Deputy Chairman of the Australian Indigenous Education Foundation, Deputy Chairman of Surfing Australia and is a member of the Advisory Board of 5V Capital Investors. Until recently, he was Chairman of Craveable Brands, where he was also CEO from 2013 to 2017.
Prior to joining Craveable Brands, Mr Coombe was Group Executive of Westpac Retail and Business Banking, a role which followed on from six years as CEO of BT Financial Group where he was responsible for all of Westpac's funds management, financial planning, insurance, private banking, broking, platform and superannuation businesses in Australia.
"This is a critical time for MLC and the members, clients, advisers and employers it serves," Mr Coombe said.
"It's a privilege to be invited to participate in the transformation and exciting next chapter of this highly regarded Australian business.
"I look forward to working with Geoff Lloyd and his newly formed and highly experienced executive team who are leading the separation of MLC Wealth."
The current Chairman of the NWMSL Board is Managing Director and CEO of MLC Wealth, Geoff Lloyd, who will remain on the Board following Mr Coombe's appointment. Mr Coombe will be involved in the appointment of other independent directors over the coming months.
The appointment will be effective 1 July 2020
