Bendigo and Adelaide Bank has announced the appointment of David Foster as chair, who will succeed Jacqueline Hey following her decision to retire from the board after more than 12 years.
Mr Foster is an experienced chairman and non-executive director across a range of government and private industry sectors, including financial services, education, entertainment, and retail.
He first joined Bendigo and Adelaide Bank’s board in 2019 and is currently chair of its financial risk committee and a member of the people, culture and transformation committee.
Moreover, he previously served as an executive for 25 years, most recently as chief executive officer of Suncorp Bank from 2008 to 2013. Here, Mr Foster led the bank through both the global financial crisis and a significant restructure before retiring from the role.
Meanwhile, Ms Hey first joined the board in 2011 and was appointed chair in 2019, becoming the first female to hold the role.
According to a statement issued from the bank on Monday, Ms Hey will retire after the finalisation of the full year results at its annual general meeting on 24 October 2023.
Commenting on her upcoming departure, she said: “I am proud to have served Bendigo and Adelaide Bank as a director and chair during a period of significant change for the bank, its customers and the community.
“Working closely with your board and the executive team during this period has been a highlight of my career. I am pleased that David Foster, as an existing member of the board, will become chair when I leave,” Ms Hey added.
“In recent years, the bank has made good progress on its transformation agenda to ensure its future success. I’m confident these changes will ensure the bank remains well positioned to continue delivering on its purpose of feeding into the prosperity of its customers and the community well into the future.”
Mr Foster commended Ms Hey for her tenure on the bank’s board.
“It has been a privilege to serve with Jacquie on the board and I am pleased to be appointed chair of Bendigo and Adelaide Bank,” he said.
“I look forward to building on the strong progress that has been made under Jacquie’s thoughtful stewardship and continue delivering on the bank’s purpose.
“As chair, my focus will be to prioritise sustainable growth and ensure that the bank continues to improve its performance for the benefit of our customers, people, partners, communities, and shareholders as we execute on our vision to be Australia’s bank of choice,” Mr Foster concluded.
