Bendigo and Adelaide Bank appoints new CEO

Richard Fennell was made the new CEO and managing director. He’s been in the chief customer officer role since 2018 and will make the move to the top spot on 31 August 2024.

Chair Vicki Carter is excited for the growth opportunities following the appointment.

“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.”

Fennell will succeed Marnie Baker, who has been in the CEO role for six years and with the company for 35 years.

“Marnie’s authentic leadership style has been a beacon for many during a period of accelerated change for the Bank, its customers and the community. At the same time, she oversaw the execution of a significant and necessary transformation agenda which included the consolidation of core banking platforms, brands and divisions,” said Carter.

“Marnie’s passion and advocacy for regional Australia has ensured the Bank stands apart from an increasingly homogenised industry. She has done much to highlight the opportunities and challenges facing regional Australia for the benefit of those who call the regions home. Marnie will be missed by all.

“Leading an organisation with such a strong purpose has been a great privilege and I’m immensely proud of what has been accomplished. I congratulate Richard on his appointment and have every confidence that the Bank will continue to thrive and make a positive impact under his leadership.”

Fennell will join the role and continue pushing the niche offerings available at a non-major bank.

“Bendigo and Adelaide Bank is a unique institution that plays an important role in providing Australian banking consumers with a genuine and compelling alternative to the majors,” 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.

“I look forward to connecting with all of our people who work hard every day to deliver great outcomes for our customers as we work together to find new ways to ensure the Bank can continue to deliver on its purpose of feeding into the prosperity of our customers and the community.”

[Related: Bendigo and Adelaide Bank appoints chair]

Jack Campbell is the editor of Broker Daily. After graduating from the University of Wollongong in 2022, Jack began his journalistic career working on Broker Daily’s sister brand, HR Leader. In August 2023 he was made the news editor and worked alongside some talented journalists writing articles and recording podcasts.

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