Incoming Bendigo and Adelaide Bank CEO Richard Fennell
Richard Fennell will succeed Marnie Baker as managing director and CEO of Bendigo and Adelaide Bank from the end of August.
Fennell, 55, has been the Bank’s chief customer officer for consumer banking since 2018, and is a former chief financial officer and head of strategy for the bank.
Baker, also 55, “has indicated her intention to conclude her time with the bank after 35 years with the group” was all the board said yesterday by way of explanation for Baker’s surprise departure.
Bendigo and Adelaide Bank chair, Vicki Carter, said Fennell’s “strong focus on the customer, his achievements in digital and significant financial expertise were among the key attributes the board prioritised in its detailed succession planning, which included a comprehensive external search.
“Bendigo and Adelaide Bank is in a position of strength and Richard is well placed to lead the next phase of our sustainable growth agenda for the benefit of our customers, our shareholders, our people and our communities,” Carter said.
“Richard has demonstrated his unwavering commitment to the customer by leading the Bank’s consumer division through a period of significant change while retaining industry leading customer advocacy scores.
“Richard has driven the bank’s leading deposit franchise through prudent management of our branch network and our unique Community Bank model, shoring up one of the bank’s key competitive strengths, its market leading household deposit to loan ratio.”
“His extensive experience leading our branch and third-party networks coupled with his deep understanding of digital, as evidenced by his delivery of the new Bendigo Lending Platform, and many years of experience as the bank’s CFO, will ensure that the bank can continue to deliver sustainable growth, and on its vision to be Australia’s bank of choice” she said.
At its recent investor day Baker and Fennell and the bank’s management outlined the progress the bank is making, such as its single digital mortgage origination platform, continuing growth in Up and the consolidation of core systems, a body of work Fennell will need to bring home.
Fennell said: “I am grateful for the transformation work Marnie has driven to create strong foundations for the bank and I am proud to accept the responsibility for leading Bendigo and Adelaide Bank and ensuring its future success.”