Feb 20 (Reuters) - National Australia Bank Ltd NAB.AX :
* ESTABLISHED SPECIAL COMMITTEES FOR SELECTION OF A NEW CHAIRMAN AND GROUP CEO
* PHILIP CHRONIC WILL COMMENCE IN ROLE OF GROUP CEO
* CHRONICAN WILL SERVE AS CEO UNTIL APPOINTMENT AND COMMENCEMENT OF A NEW GROUP CEO
* NAB- CHAIRMAN SELECTION COMMITTEE WILL BE CHAIRED BY DIRECTOR DAVID ARMSTRONG AND CEO SELECTION COMMITTEE WILL BE CHAIRED BY DIRECTOR ANN SHERRY
* THORBURN WILL RECEIVE PAYMENT OF $1,041,449 IN LIEU OF 26 WEEKS' NOTICE, ALONG WITH ACCRUED LEAVE ENTITLEMENTS
* ALL ANDREW THORBURN'S UNVESTED DEFERRED AWARDS WILL BE FORFEITED IN ACCORDANCE WITH PLAN RULES