Richard Fennell will replace Marnie Baker in lead role
Richard Fennell has been chosen to lead one of Australia’s largest non-major banks – Bendigo and Adelaide Bank.
The bank’s board of directors announced on Tuesday, July 2, that Fennell had been appointed as chief executive officer and managing director, effective from August 31.
Fennell (pictured above left) has been chief customer officer at Bendigo and Adelaide Bank since August 2018. Before that he was chief financial officer for eight years and has notched up 17 years in total with the bank.
He will succeed current CEO and managing director Marnie Baker (pictured above right), who is leaving the bank after 35 years, including six years in the top job.
Bendigo and Adelaide Bank chair Vicki Carter, said Fennell’s strong focus on customers, his achievements in digital and significant financial expertise were among the key attributes the board had prioritised in its 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.
She said Fennell had 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.
This included driving the bank’s deposit franchise through prudent management of the branch network and Community Bank model, which bolstered one of its key competitive strengths – its household deposit to loan ratio.
Carter said Fennell’s extensive experience as the bank’s CFO, plus his leadership of branch and third-party networks, and deep understanding of digital technology, including delivery of the new Bendigo Lending Platform, would ensure that the bank can continued to deliver sustainable growth and achieve its “vision to be Australia’s bank of choice”.
Fennell excited to lead Bendigo and Adelaide Bank
Mr Fennell said he was honoured by the board’s decision and excited by the opportunity to lead Australia’s most trusted 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.”
Fennell said he looked forward to connecting with all Bendigo and Adelaide Bank staff “who work hard every day to deliver great outcomes for our customers”.
He said the team would work together to find new ways to ensure the bank continued to deliver on its purpose of contributing to the prosperity of customers and the community.
Fennell joined the bank in 2007 after an 18-year career in finance and consulting. He holds a Bachelor of Economics from the University of Adelaide, is a Fellow of Chartered Accountants Australia and a Member of the Australian Institute of Company Directors.
Fennell is also the executive sponsor of the Bank’s Reconciliation Action Plan and a member and ally of Bendigo Bank’s Pride Network.
Marnie Baker recognised for her leadership
Carter thanked Baker for her more than three decades of service and leadership of the bank through. She said this occurred through a period of great opportunities and significant challenges, including frequent natural disasters, COVID-19 and record low interest rates.
“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,” Carter said.
“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.”
Carter said Baker’s passion and advocacy for regional Australia meant that Bendigo and Adelaide Bank stood 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.”
Baker said leading an organisation with such a strong purpose had been a great privilege.
“I’m immensely proud of what has been accomplished,” said Baker. “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.”
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