NAB chairman quits News Corporation

The chairman of National Australian Bank (NAB) has quit as a director of News Corporation, as his NAB chair remains under siege.

Kraehe's resignation from the News Corp board follows his February appointment to chairman of NAB following the bank's A$360m (€223m) foreign exchange trading scandal.

At the time, Kraehe said he would give up all other board positions except chairmanship of Australian steel group BlueScope Steel.

The resignation of Kraehe has paved the way for Murdock's News Corp to increase its board seats to 14 with the appointment of two new directors before carrying out a plan to shift its primary listing to

the US market.

It said Peter Barnes, the former president of Philip Morris Asia Inc, and Viet Dinh, professor of law at

Georgetown University, have been elected as directors.