David Foster steps in as new chair at Bendigo and Adelaide Bank

The news: Bendigo and Adelaide Bank Chair Jacqueline Hey will retire next month and will be succeeded by former Suncorp Bank CEO David Foster.

The numbers: Ms Hey has served on the lender’s board for more than 12 years and was appointed the bank’s first female Chair in 2019. She will retire at the end of the annual general meeting scheduled for 24 October.

The context: Foster, who led rival Suncorp Bank from 2008 to 2013, joined Bendigo and Adelaide Bank’s board in 2019 and is the chair of its financial risk committee. He steps into the role at a time when the lender has managed a business-as-usual approach despite rising rates and has stayed away from the fierce competition in Australia’s mortgage market. The bank last month reported a record full-year cash profit of $576.9 million.