Great Western CEO retires

Jeff Erickson, chief executive of NAB's Great Western Bank subsidiary in the United States will retire in January after 22 years in the job, the bank announced overnight.

Ken Karels, the present chief operating officer of Great Western, will take over as CEO. Karels joined the bank in 2002.

National Australia Bank bought Great Western, a small agribusiness and urban bank based in South Dakota, in early 2008.