Bendigo and Adelaide Bank selects Richard Fennell as new CEO

Bendigo and Adelaide Bank has selected chief customer officer for consumer banking, Richard Fennell as its new chief executive officer and managing director, replacing long-time top executive Marnie Baker.

Richard Fennell

Holding the chief customer officer spot since 2018, Fennell will officially take the lead as CEO at the end of August, the bank announced on Tuesday.

Fennell first joined the bank in 2007 as chief general manager for group strategy before stepping over to the chief financial officer role around two years later.

Bendigo and Adelaide Bank chair Vicki Carter said Fennell is “well placed to lead the next phase of our sustainable growth agenda”.

Carter said Fennell’s “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 added, “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.”

He said he was “grateful for the transformation work Marnie has driven to create strong foundations for the bank” which includes working through the bank’s major digital transformation efforts.

Baker is set to leave the bank after 35 years, with six of those years dedicated to leading the bank as its chief executive officer and managing director.

Carter said Baker “oversaw the execution of a significant and necessary transformation agenda which included the consolidation of core banking platforms, brands and divisions.”

Work includes the introduction of a new digital lending platform capable of delivering credit decisioning within six minutes and consolidating 15 million documents onto a single platform.

Carter added Baker “has done much to highlight the opportunities and challenges facing regional Australia for the benefit of those who call the regions home.”

Speaking on her departure, Baker said, “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,” Baker said.