Bendigo and Adelaide Bank appoints new chief executive

Bendigo and Adelaide Bank has appointed Richard Fennell as chief executive and managing director, replacing Marnie Baker.

Baker has been with the bank for 35 years, mostly in executive roles.

She was chief executive and managing director for six years.

Fennell joined the bank in 2007 and has been the chief customer officer for consumer banking for several years.

He's also served as chief financial officer and chief general manager of group strategy.

He will take the reins on August 31.

Vicki Carter, who became Bendigo and Adelaide Bank's chair in May, said Fennell is well placed to lead the next phase of the bank's sustainable growth agenda, benefiting customers, shareholders, employees, and communities.

Carter said he's demonstrated his commitment to customers by leading the bank's consumer division through a period of significant change while retaining industry leading customer advocacy scores.

She said that he's driven the bank's deposit franchise through prudent management of its branch network and Community Bank model, which has shored up its "market leading" household deposit to loan ratio.

She added this his experience leading branch and third-party networks, along with his delivery of the new Bendigo Lending Platform, and his tenure as chief financial officer will drive the bank's trajectory of sustainable growth.

Fennell said Bendigo and Adelaide Bank is a unique institution that plays an important role in providing Australian banking consumers with a genuine alternative to the big four.

He said he was grateful for his predecessor's work in creating strong foundations for the bank and is proud to lead it and ensure its future success.

"I look forward to connecting with all of our people who work hard every day to deliver great outcomes for our customers as we work together to find new ways to ensure the bank can continue to deliver on its purpose of feeding into the prosperity of our customers and the community," he said.

Baker signed off saying she was proud of what was accomplished during her tenure and congratulated Fennell. She expressed confidence that the bank will continue to thrive under his leadership.