National Australia Bank (ASX: NAB) today announced changes to the Group Executive Committee.

Deputy Chief Executive Officer Michael Ullmer will be stepping down at the completion of his role on 31 August 2011 and will also resign as a director of NAB.

Deputy CEO, NAB Chairman Michael Chaney said: “Michael's contribution to the NAB Group has been significant.

“Michael joined the NAB in 2004 as Finance Director at a time when the Group was facing significant challenges. In this role Michael led the stabilisation of our financial and risk management systems and was a key contributor to the rebuilding of our reputation with regulators and the investment community.

“As Deputy CEO since 2007, Michael has overseen the successful integrations of Great Western Bank in the US and JBWere, which has been key to strengthening NAB’s private wealth capability. He has also been a strong advocate of strategic engagement with the community and NAB’s commitment to diversity, which included chairing both NAB Schools First program and diversity forum.

The bank also announced UK Chief Executive Officer Lynne Peacock intends to step down in July 2011.

Sir Malcolm Williamson, Chairman, National Australia Group Europe Limited said: “On behalf of the Board I would like to add the Board’s thanks to those from Cameron for the significant progress the business has made during Lynne’s time as CEO UK Banking."

David Thorburn will be appointed as CEO designate of UK Banking, subject to regulatory approval, and will join the Group Executive Committee from 1 July 2011.

Chief executive Cameron Clyne said: “I would like to thank both Michael and Lynne for their support and contribution during very challenging times and for their valuable work to ensure NAB’s continued growth and success.

"I congratulate David on his appointment. He is an outstanding executive with extensive UK business and retail banking experience coupled with excellent leadership qualities. David has been an executive director of Clydesdale Bank since 2002 and worked closely with Lynne as part of the UK management team for 7 years.”

NAB said the position of Deputy Chief Executive Officer will not be replaced.