National Australia Bank (NAB) has announced that James Spenceley has chosen not to proceed with his appointment as a non-executive director at the bank.
NAB chairman Philip Chronican said in a statement issued just over a week after the appointment was originally announced that Mr Spenceley “does not want his appointment and other commitments to cause concern for NAB or his other business positions”.
Mr Spenceley currently serves as chair of Airtasker and Swoop Holdings and is the non-executive director of Kogan.com and Think Childcare.
“I have received feedback from proxy advisors on the impact of a large board role on their ability to recommend my election at NAB and my other board positions,” said Mr Spenceley.
“I appreciated the NAB opportunity and while I was comfortable with my capacity, I do not want to disrupt NAB, its shareholders or any company I am involved with.”
Mr Spenceley, who is also the founder and former CEO of Vocus Communications, was originally expected to join the bank’s board from December 1.
“James was selected to bring diversity of experience to the NAB Board and his interest in market transformation,” said Mr Chronican.
“We accept his decision and will consider other candidates for the board in due course, taking into account the need for board renewal and breadth of experience.”
Jon Bragg
Jon Bragg is a journalist for Momentum Media's Investor Daily, nestegg and ifa. He enjoys writing about a wide variety of financial topics and issues and exploring the many implications they have on all aspects of life.
