NAB boss Andrew Thorburn and chairman Ken Henry have both stood down.

The news was announced on Thursday.

The pair had been under growing pressure to step aside following stinging criticism in the Royal Commission.

NAB said it would initiate a “global search process” for the CEO role.

Mr Thorburn (pictured above with Neil Mitchell) will finish on February 28.

Dr Henry will retire from the board once Mr Thorburn’s replacement has been appointed.

3AW Drive host Tom Elliott predicted on Monday that Mr Thorburn “wouldn’t last too long” in his role.