Bendigo and Adelaide Bank has announced the appointment of Richard Fennell as its new CEO and Managing Director. Fennell, who has served as the bank’s Chief Customer Officer for Consumer Banking since 2018, will assume his new role on August 31, 2024, succeeding Marnie Baker.

Baker has been with the bank for 35 years, holding various executive roles, including six years as CEO and Managing Director. Her tenure has been marked by significant contributions to the bank’s growth and strategic direction.

Fennell’s appointment follows a comprehensive external search and detailed succession planning by the bank’s board. He has been recognised for his strong focus on customers, achievements in digital transformation, and significant financial expertise.

Fennell joined the bank in 2007 and has held various roles, including Chief Financial Officer, and had responsibility for Group Strategy and the Corporate Division. He holds a Bachelor of Economics from the University of Adelaide, is a Fellow of Chartered Accountants Australia, and is a Member of the Australian Institute of Company Directors.

His employment contract includes a fixed remuneration package of $1,500,000 per annum, eligibility to participate in short-term and long-term incentives, and a 12-month notice period for termination.

Bendigo and Adelaide Bank Chair, Vicki Carter, said, “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.”

Fennell expressed his readiness to take on the new role, stating, “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.”

Baker also expressed her confidence in Fennell’s leadership, saying, “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.”