NAB CFO Nathan Goonan to Join Rival Westpac Amid Leadership Reshuffle

National Australia Bank (NAB) Chief Financial Officer Nathan Goonan will depart later this year to take on the same role at rival Westpac, the banks confirmed on Monday.

Goonan, who became NAB’s CFO in July 2023, previously led the group’s strategy and development. During his tenure, NAB’s stock surged approximately 26% from July 1, 2023, to its last close on Friday.

NAB announced Goonan’s exit alongside other senior executive changes. Following this, Westpac disclosed his appointment, with current CFO Michael Rowland set to remain in his position until Goonan’s transition.

Shares of Westpac gained 0.7%, while NAB’s stock dipped 0.4% as of 0005 GMT.

This move comes amid ongoing leadership shifts at both banks. In December, Rowland announced plans to retire in 2025. Last month, NAB appointed Andrew Irvine, head of business and private banking, as its new CEO. Westpac promoted Anthony Miller, formerly head of business and wealth, to CEO in September.

Market experts view these transitions as part of broader strategic realignments. Senior analyst Henry Jennings noted that Irvine’s appointment was expected to bring leadership changes, while Westpac’s new CEO likely influenced Goonan’s hiring.

Until NAB appoints a permanent successor, Group Chief Risk Officer Shaun Dooley will serve as interim CFO.

The leadership shuffle underscores Australia’s competitive banking landscape, with major lenders repositioning executives to strengthen their market standing.