The Bendigo and Adelaide Bank Board of Directors announced the appointment of Richard Fennell as Chief Executive Officer and Managing Director. Mr. Fennell, the Bank's Chief Customer Officer for Consumer Banking since 2018, will succeed Marnie Baker on August 31, 2024. Ms Baker has indicated her intention to conclude her time with the Bank after 35 years with the Group, the vast majority in executive roles including six years as Chief Executive Officer.

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. Richard has driven the Bank's leading deposit franchise through prudent management of branch network and unique Community Bank model, shoring up one of the bank's key competitive strengths, its market leading household deposit to loan ratio. Richard joined the Bank in 2007 after an 18 year career in finance and consulting and has had responsibility for the Bank's consumer facing businesses since August 2018.

Prior to this, Richard was Chief Financial Officer, and in addition, had responsibility for Group Strategy and the Corporate Division. Richard holds a Bachelor of Economics from the University of Adelaide, is a Fellow of Chartered Accountants Australia and is a Member of the Australian Institute of Company Directors. He is the Executive Sponsor of the Bank's Reconciliation Action Plan and a member and ally of the Bendigo Bank's Pride Network.

Ms Carter thanked Ms Baker for her decades of service and leadership of the Bank through a period of great opportunity and significant challenge, which included frequent natural disasters, COVID-19 and record low interest rates.