Judo Bank CEO Joseph Healy resigns
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The news: Judo Bank's Joseph Healy will step down as CEO next month, and will be replaced by deputy CEO and chief relationship officer Chris Bayliss.
The numbers: Healy will step down as CEO on 18 March after seven years in the post but will remain until 28 June as an adviser during the transition. Bayliss, who co-founded Judo Bank in 2016, will commence as CEO and managing director on 19 March. Bayliss' new contract will see him earn a fixed annual salary of $1 million, with a 60% short-term incentive opportunity.
The bank also released its half-year results, reporting a profit before tax of $67 million, up 24% compared to the prior corresponding period. Its loans and advances grew 9% to $9.7 billion while deposits climbed 16% to $6.9 billion.
The context: Bayliss has previously held positions of COO and CFO at Judo Bank, after leadership roles at NAB, New Zealand Racing Board, and Standard Chartered.
As CEO since the company's formation, Healy oversaw Judo Bank's initial public offering in November 2021, as it became the first bank to list on the Australian Stock Exchange in 30 years.
What they said: Incoming CEO Bayliss said: "Judo has an increasingly important role to play for the SMEs of this country... [Healy] can be proud to have been a crucial pillar for a business that now serves over 4,000 SME customers with close to $10 billion in lending, and an industry leading team who have never been more excited about the prospects for this company".
