Cutbill will leave in the summer and executive director at National Australia Group Europe, John Hooper, will take over his responsibilities.
The change comes a month after NAB announced that UK CEO Lynne Peacock is to step down and be replaced by executive director David Thorburn.
Cutbill holds the title products and marketing director for Clydesdale and Yorkshire and oversees development, marketing and pricing of retail and business products. He is a member of the bank’s executive management team and joined in 2004.
The bank credits him with driving the bank’s corporate responsibility agenda. It is not known if he has a job to go to.
Speculation suggests that NAB may launch a bid for the 600 branches Lloyds is being forced to put up for sale to alleviate European Union concerns regarding competition.