The outgoing chief executive of National Australia Bank, Cameron Clyne, can be considered an innovator in one sense …  by "retiring", from August, aged 46 after six years in the job.The official explanation is that Clyne, who flagged this move to the board more than six months ago, is leaving to spend more time with his kids. Clyne said he was making a choice to reorient work-life balance and step out for his family.He had a funny line yesterday, which it is said had often been used in internal meetings: he wanted to stay married longer than he was CEO.The NAB group chair, Michael Chaney: "Some months ago Cameron said: 'If you feel there is someone to replace me I would be interested in retiring.' We understood what he was saying about work-life balance."Clyne: "You have got an obligation not to coast through this job if you are not 100 per cent behind it. More shareholder value is destroyed by CEOs staying too long than going too early. If you can't give 100 per cent you have to get out of the way."Chaney said Clyne's long-term incentives would vest according to the way they would have vested if he had not retired. "Cameron will hold those securities until they vest or not vest."There is a 12-month restraint deed, and Clyne stated: "I am never going to work in competition with the bank." Another rationale for Clyne leaving in August must be the timing of the scheduled departure of Chaney from the board in late 2015. Clyne either had to go soon or work for another three years to avoid too much turnover at the top.Clyne will be replaced by Andrew Thorburn, the chief executive of NAB-owned Bank of New Zealand.Chaney said it was a good thing to select an internal executive as CEO, unless something was wrong with an organisation.Thorburn featured in the bank's methodical succession planning. Chaney said last year's global search for a new chief financial officer was made with CEO candidates in mind. The work priorities for Thorburn look a lot like those that confronted Clyne in 2008, and he said yesterday that the bank's strategy would not change."The strategy we have been pursuing is the right one. The focus on Australia and New Zealand - that is where the upside is," he said. "We will continue to deal with the legacy issues, working through them sensibly."Clydesdale Bank in the UK remains a thorn in the side of the NAB group. The numerous issues around its conduct - which NAB styles as "redress" - festered for too long and the most irritating of these, relating to the terms of fixed rate business loans, may drag on for many more years.Thorburn will have to confront the long-deferred decision on whether to sell (or buy) in the UK and on what terms.MLC, the wealth management and life insurance arm, has struggled to achieve much cross-sell. The group retains a bloated goodwill on this 2002 investment.Thorburn will need to find some rationale