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Baker departs Bendigo and Adelaide Bank after veteran stint, successor named

By Jessica Penny
4 minute read

Marnie Baker is stepping down as chief executive and managing director of Bendigo and Adelaide Bank.

After six years at its helm, Baker has indicated her intention to conclude her time with the bank, at which she spent more than three decades of her career.

First joining the group in 1989, her other roles have included chief executive of subsidiary Sandhurst Trustees, executive corporate resources, group treasurer and chief customer officer.

Bendigo and Adelaide Bank chair Vicki Carter thanked Baker for her decades of service and leadership of the bank.


“Marnie’s authentic leadership style has been a beacon for many during a period of accelerated change for the bank, its customers and the community,” Carter said.

“At the same time, she oversaw the execution of a significant and necessary transformation agenda which included the consolidation of core banking platforms, brands, and divisions.

“Marnie’s passion and advocacy for regional Australia has ensured the bank stands apart from an increasingly homogenised industry. She has done much to highlight the opportunities and challenges facing regional Australia for the benefit of those who call the regions home. Marnie will be missed by all.”

Baker added: “Leading an organisation with such a strong purpose has been a great privilege and I’m immensely proud of what has been accomplished. I congratulate Richard on his appointment and have every confidence that the bank will continue to thrive and make a positive impact under his leadership.”

Namely, chief customer officer for consumer banking, Richard Fennell, will succeed Baker from 31 August.

Fennell first joined Bendigo and Adelaide Bank in 2007 after an 18-year career in finance and consulting and has had responsibility for its consumer facing businesses since August 2018.

Prior to this, he was chief financial officer, and in addition, had responsibility for group strategy and the corporate division.

Explaining the bank’s selection of Fennell for the role, Carter cited his focus on the customer and financial expertise as some of the key attributes that the board prioritised in its succession planning, which included a “comprehensive” external search.

“Bendigo and Adelaide Bank is in a position of strength and Richard is well placed to lead the next phase of our sustainable growth agenda for the benefit of our customers, our shareholders, our people and our communities,” she said.

“His extensive experience leading our branch and third-party networks, coupled with his deep understanding of digital, as evidenced by his delivery of the new Bendigo Lending Platform, and many years of experience as the bank’s CFO, will ensure that the bank can continue to deliver sustainable growth and on its vision to be Australia’s bank of choice.”

Commenting on his upcoming appointment, Fennell said he was honoured by the board’s decision.

“Bendigo and Adelaide Bank is a unique institution that plays an important role in providing Australian banking consumers with a genuine and compelling alternative to the majors,” he said

“I am grateful for the transformation work Marnie has driven to create strong foundations for the bank and I am proud to accept the responsibility for leading Bendigo and Adelaide Bank and ensuring its future success,” he said.