2 major banks announce head of broker changes

Adam Croucher, the general manager for third-party banking at the Commonwealth Bank of Australia (CBA), has left the bank after nearly 19 years of service.

The reason for his departure has not been disclosed and CBA has not issued a statement on the matter.

Razia Khan, the general manager for acquisition and retention — home buying, has stepped into the general manager, third-party banking role in an acting capacity while a search for a permanent successor is undertaken.

Mr Croucher, who took on the role as head of broker in 2019, was formerly in the role of acting general manager of broker sales. Prior to this, Mr Croucher was the third-party banking state manager for Victoria and Tasmania.

He has been with CBA for nearly 19 years and, over the last five years, has led the broker business.

While a search for Mr Croucher’s permanent successor is underway, Ms Khan will step into the role and is looking forward to continuing to work together with our broker partners to deliver outstanding experiences and outcomes for our joint customers.

Similarly, it was announced today that Phil Waugh, the executive for broker distribution at National Australia Bank (NAB), has been named as the new chief executive of Rugby Australia and will be leaving his role in the bank.

Mr Waugh, who has been a non-executive director of Rugby Australia for the past five years, will commence his new role as Rugby Australia CEO on 6 July, departing the position he has held at NAB for the past two years.

The NAB executive was a seasoned rugby player, having started Rugby as a four year-old at the Narrabeen Tigers on Sydney’s northern beaches. He went on to play 79 Tests for the Wallabies (making his debut in 2000), winning the John Eales Medal in 2003 as he helped Australia to the World Cup Final.

Mr Waugh commented that being appointed as Rugby Australia’s CEO was "an absolute honour and privilege" and comes with "enormous responsibility to ensure our great game thrives throughout communities across Australia".

He added: “Having put my heart and soul into the game on the field in my playing days, I intend to put the same level of passion and commitment into the game as Rugby Australia CEO.”

NAB’s executive for broker experience, Adam Brown, will step into the role in an interim capacity.

NAB’s executive for home lending, Andy Kerr, said: “I am very grateful to Phil and everything he has achieved in his time at NAB. Over the last two years under Phil’s leadership, NAB has transformed its position as the ‘Bank behind the Broker’ with fast, consistent service and strong relationships which are now the cornerstone of our customer experience.

“Phil has been a key part of our broader technology transformation and has led the market launch of Simple Home Loans through our broker channel, giving brokers and purchasers faster approval and even greater certainty through the settlement process.

“Through Phil’s leadership we now have a real advantage in the market and a dedication to broker service that is now delivering us consistent wins in our broker business. Thank you Phil and congratulations from all of us at NAB.

“Adam is well known in the broker industry and has led the Advantedge business for many years, with standout broker advocacy and a focus on customer service. Adam is well-placed to continue the NAB’s transformation of broker experience.”

[Related: NAB announces new head of broker]