National Australia Bank CFO Nathan Goonan to Join Westpac in 2025

Finance Chief Transition Signals Strategic Shifts at Major Banks / Reuters

National Australia Bank Chief Financial Officer Nathan Goonan will depart the lender later this year to take up the same role at rival Westpac, marking a significant shift in leadership for two of Australia’s leading financial institutions. Both banks confirmed the move in separate statements, highlighting Goonan’s upcoming transition and shedding light on broader executive changes within the sector. Goonan, who assumed the CFO position at National Australia Bank in July 2023 after serving as executive general manager of group strategy and development, has been credited with overseeing a period of notable financial growth. During his tenure, NAB’s share price surged approximately 26% from July 1, 2023, to March 14, 2025, reflecting strong market confidence in his leadership. Meanwhile, Westpac revealed that its current CFO, Michael Rowland, will remain in his position until Goonan officially joins later in 2025, ensuring a smooth handover. This high-profile switch comes amid a wave of management reshuffles at both banks, with investors and analysts closely watching how these changes might influence future performance and competitive dynamics in Australia’s banking landscape.

The announcement has already sparked early market reactions, with Westpac shares rising 0.7% and National Australia Bank shares dipping 0.4% as of 0005 GMT on the day of the disclosure. More recent data, however, shows a broader decline, with NAB’s share price sitting at $33.08, down 3.44% from $34.26 seven days prior, and Westpac at $29.61, a 5.28% drop from $31.26 over the same period. These fluctuations suggest that while the initial response to Nathan Goonan’s move was mixed, broader market trends or investor sentiment toward executive transitions could be at play. Analysts, including Henry Jennings from Marcus Today, view this as part of a larger “shuffling of the decks,” driven by new CEOs at both institutions. National Australia Bank recently appointed Andrew Irvine as CEO, who is expected to steer the bank through a transformative phase, while Westpac promoted Anthony Miller to CEO in September 2024, signaling its own strategic realignment. Goonan’s expertise, bolstered by 15 years at NAB across two stints and a 20-year career in financial services, makes his move a pivotal moment for Westpac as it aims to strengthen its position in the competitive banking sector.

Beyond Goonan’s departure, National Australia Bank is navigating additional leadership changes that underscore a period of transition. Rachel Slade, group executive for business and private banking, will exit on July 1, 2025, with Andrew Auerbach, formerly of Bank of Montreal, stepping into her role on June 16, 2025. To bridge the gap left by Goonan, Shaun Dooley, NAB’s group chief risk officer, will serve as acting CFO while the bank searches for a permanent replacement. These shifts reflect a deliberate effort by NAB’s new CEO Andrew Irvine to reshape the executive team, aligning it with his vision for the bank’s future. Westpac, meanwhile, is banking on Goonan’s proven track record, with CEO Anthony Miller praising his extensive experience and strategic insight. The interplay of these leadership changes at National Australia Bank and Westpac offers a deeper look into how Australia’s top banks are positioning themselves amid evolving economic conditions, regulatory pressures, and customer expectations.

For investors researching National Australia Bank CFO transition updates or Westpac leadership changes in 2025, the financial implications are worth exploring in detail. NAB’s 26% share price increase under Goonan’s watch highlights his ability to drive value, a factor Westpac likely considered in recruiting him. However, the recent dips in share prices for both banks suggest that market reactions to executive turnover can be complex, influenced by short-term uncertainty as much as long-term potential. A comparative look at current share prices shows NAB at $33.08 and Westpac at $29.61, with both experiencing declines over the past week. This could signal broader market adjustments or specific concerns about how these banks will perform under new leadership structures. For those tracking Australian banking sector trends, the movement of key figures like Nathan Goonan provides insight into how institutions are adapting to challenges such as rising interest rates, digital transformation, and competition from fintech disruptors.

The broader context of these transitions reveals a dynamic period for Australia’s banking giants. National Australia Bank’s appointment of Andrew Irvine as CEO last month, paired with Westpac’s elevation of Anthony Miller in September 2024, indicates that both banks are in the midst of strategic overhauls. Additional exits, such as Philippa Watson from NAB’s Ubank subsidiary, further emphasize the scale of change at NAB. Analysts suggest that Nathan Goonan’s move to Westpac could enhance its financial strategy, given his history of fostering growth at NAB, while Irvine’s influence at NAB may lead to fresh approaches in risk management and customer engagement. For stakeholders seeking in-depth analysis of National Australia Bank and Westpac executive changes, the coming months will be critical in assessing how these leadership shifts translate into operational success and shareholder value. As the banks navigate this period of transformation, their ability to balance stability with innovation will likely shape their standing in the Australian financial landscape for years to come.