People First Bank announces new CEO

Customer-owned bank People First Bank has announced its deputy CEO Steve Laidlaw will succeed current CEO Peter Lock on 1 July 2024.

According to the bank, the succession is to allow for a smooth transition in line with its merger commitments and to coincide with the start of the new financial year.

Prior to the merger of Heritage Bank and People’s Choice Credit Union, Laidlaw held the position of managing director and CEO of People’s Choice since 2016.

Lock is set to retire from People First Bank on 31 August 2024 following just under a decade of leading the organisation and Heritage Bank.

People First Bank chairman Michael Cameron said: “These changes reflect our merger commitments to ensure a smooth transition through the merger of Heritage Bank and People’s Choice and now the creation of People First Bank.

“I extend my gratitude to Peter for his leadership and dedication to our members as our inaugural CEO. Peter leaves People First Bank with a strong balance sheet, deposit and lending growth that is outperforming the market, high customer satisfaction and a clear plan for the future.

“I congratulate Steve on his appointment and am excited about the future under his leadership.”

The mutual bank unveiled its new name in November 2023 before beginning operations under the People First Bank name during the first quarter of 2024.

Directors to depart

Along with the announcement of Laidlaw as the mutual bank’s new CEO, People First Bank has also confirmed that its board will be reduced from 12 to eight directors in accordance with the company’s constitution that was approved as part of the merger.

Kerry Betros AM and Georgina Williams will retire from their positions at the bank’s AGM on 14 November 2024, with two more directors set to retire at the AGM in 2025.

Cameron further said: “Kerry has been synonymous with our organisation for over 30 years, joining as a Director of Heritage Bank in 1991 before being appointed Chairman in 2012 and Deputy Chairman of People First Bank last year.

“His commitment to our bank, to the values of mutuality and to the communities of South-East Queensland have been outstanding.

“Georgina has been a Board member since 2021 and has played a valuable role in the company’s success.

“I thank Peter, Kerry and Georgina for their contribution and welcome Steve as the new CEO.”

[RELATED: People First Bank release inaugural half-year results]

Adrian Suljanovic is a journalist at Broker Daily with more than two years experience reporting on all facets of the third party distribution channel.

Adrian has written for a range of business and finance titles including IFA, Investor Daily and Lawyer’s Weekly before joining the mortgages team in 2022.

He graduated from the University of Wollongong in 2021 gaining a Bachelor of Communication & Media with a major in Digital & Social Media.

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