Bendigo and Adelaide Bank has promoted Richard Fennell to the roles of CEO and Managing Director, effective from 31 August, following Marnie Baker’s departure. Following the announcement of this leadership change, Bendigo and Adelaide Bank’s shares saw a decline. The bank’s shares dropped by 2.1%, reaching $11.18 by early afternoon.
Fennell’s annual fixed remuneration package will be $1.5 million, with additional short-term incentives of up to 70% of his base salary and long-term incentives of up to 105%.
Having been with the bank since 2007, Fennell most recently held the position of Chief Customer Officer for consumer banking from 2018. Before this, he served as the bank’s chief financial officer. Marnie Baker, with a 35-year tenure at Bendigo, has been the CEO and Managing Director for the past six years.
Chair Vicki Carter highlighted Fennell’s commitment to customers and his leadership during significant changes, maintaining top customer advocacy scores. She noted his expertise in managing branch and third-party networks and his involvement in digital advancements like the Bendigo Lending Platform, ensuring ongoing sustainable growth and aiming to position the bank as Australia’s preferred choice.
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