Bank First chair Bernie Lloyd
Succession planning at Bank First has gone awry, with members asked to vote on plans to waive a 12-year tenure limit that applies to chair Bernie Lloyd.
“The board had chair succession plans in place to cover Ms Lloyd’s retirement, but these have been disrupted by a series of circumstances,” the board told members in a notice of meeting for an extraordinary general meeting.
“Due to this disruption, and the requirement to oversee the strategic objectives [of the bank] the board considers it is beneficial to retain Bernadette Lloyd as director and board chair for a maximum further twelve months.
“This will enable the board to facilitate the Bank First chair succession process before the AGM in November 2024.”
After eight years as chair (and 12 altogether on the board), Lloyd “has led and directed the board, and along with her colleagues, has ensured the bank has effective governance and risk management frameworks in place and that the strategic direction has been appropriately set in order for Bank First to continue to achieve its purpose and ensure a growth trajectory,” members were told.
In February 2021, Bank First appointed Michelle Bagnall as CEO.
Bagnall “has been charged with modernising and transforming the bank to ensure it remains viable, operates sustainably and continues to support and grow in our niche market of educators, healthcare workers and allied health professionals,” the bank said.
“The chair has played a pivotal role in leading and directing the board to discuss and agree to the five year strategic objectives and has been instrumental in supporting the requirement for transformation to ensure the continued delivery of the bank’s strategy for the ultimate benefit of its members.”
There are several members of the Bank First board who would seem well qualified to replace Lloyd, either after this year’s AGM, or next year.
Bank First has $3.5 billion in assets and reported a net profit of $9.0 million over the year to June 2022.