Roberto Scenna, the CEO who oversaw the windup of Catholic Church Insurance, has been named as the next chief executive of Defence Bank.
Scenna replaces the interim CEO Marnie Fletcher, who has filled in since early March.
The previous CEO of the bank was David Marshall, who is now CEO of core banking technology supplier Ultradata.
Roberto Scenna was trouble-shooter at Catholic Church Insurance during a difficult, and ultimately fatal, period for the business.
In May 2023, the CCI board voluntarily resolved to place the company into ‘run-off’, “given the further material decline in its capital position and as it was unable to secure sufficient capital contributions from shareholders to enable it to continue operations in line with regulatory requirements” or so read one of the explanations to shareholders of CCI.
The industry publication Insurance News reported multiple times in the build-up to this decision on what it labelled a “crisis”.
Which it was, with CCI in 2020, for example, incurring a $250 million loss, due in part to paying some of the avalanche of claims from victims of sexual abuse by Catholics, clerical and lay.
On 3rd November 2023, CCI’s Scheme of Arrangement became effective. Scenna wound up his role with the insurer in March.
For part of his tenure at Catholic Church Insurance, Scenna oversaw the ADI and former credit union MyLife MyFinance.
CCI sold MyLife MyFinance (which was tiny) to financial services group Challenger in 2021.
Challenger duly messed up its foray into banking big-time, eventually selling the bank to Heartland Bank from New Zealand.
Scenna was CEO of ANZ Trustees for six years to late 2014 and has a background in leasing and consulting.
Bruce Murphy, chair of Defence Bank, said in a statement: “We are delighted to secure someone of Roberto’s calibre to lead Defence Bank.
“Roberto brings a wealth of experience and a results driven member focus to the bank.
“Roberto not only has a strong pedigree in banking but a genuine commitment to people, building relationships and delivering outstanding member outcomes.
“Defence Bank has a wonderful future, and we are excited about Roberto’s stewardship and the impact he will have for Australia’s leading Bank representing the defence community.
“I would also like to acknowledge and thank Marnie Fletcher for the dedication and commitment she has shown as acting CEO over the last four months, ensuring the bank is in a very strong position when Roberto commences.”
Scenna joins the bank next month, and this time he joins a financial business in rude health.
Defence Bank has more than 78,000 members, and added close to 6000 new members over the year to June 2023. Around 80 per cent of members are Australian Defence Force personnel and their family members.
The bank has more than $3.5 billion in assets and reported a net profit of $17 million last year.
Roberto Scenna is an interesting choice by the bank’s board, and not just because he edged aside a well-regarded woman, and the favoured internal candidate, for the job.
All that crisis management experience, the board must see value in it.