Bendigo and Adelaide Bank dips on CEO change
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More news: Shares in Bendigo and Adelaide Bank lowered after the bank announced the internal appointment of Richard Fennell as CEO and managing director, succeeding Marnie Baker.
Bendigo shares were down 2.1% to $11.18 by 1:40pm AEST.
Bendigo and Adelaide Bank appoints Richard Fennell as CEO
The news: Bendigo and Adelaide Bank has internally appointed Richard Fennell as CEO and managing director, succeeding Marnie Baker, who will step down on 31 August.
The numbers: Fennell will receive a fixed remuneration package of $1.5 million per year. His contract also includes a maximum short-term incentive opportunity at 70% of his fixed remuneration, and long-term incentive opportunity at 105% of his fixed remuneration.
The context: Fennell has served as Bendigo's chief customer officer for consumer banking since 2018, having previously been the bank's chief financial officer after joining in 2007.
Baker, who has spent 35 years with the banking group, has served as CEO and managing director for the last six years.
What they said: Bendigo chair Vicki 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".
"His extensive experience leading our branch and third-party networks coupled with his deep understanding of digital, as evidence 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," Carter said.
The source: ASX announcement
