UPDATE 10.47am: “I’M ready to retire and we need to have a replacement.”
After nine years, this is why Mike Hirst said his time as managing director of Bendigo and Adelaide Bank was coming to an end.
“This is a replacement the board’s had in train for almost a year, I guess,” he said.
“And like any good organisation with good governance succession planning is a key responsibility of the board.”
Though the process has been in play for almost a year, Mr Hirst said retirement was weighing strongly on his mind after his 60th birthday, in January.
“It seemed to me a good time for reflection on where I was at and, doing that, you’ve got to consider yourself and the organisation,” he said.
The leadership change coincides with the end of the financial year – and Mr Hirst is expecting the figures to reflect positively on his leadership.
The bank reported a profit of $231.7 million for the six months ending December 31.
“The end of the financial year draws a line under my stewardship and it’s a very sensible starting point for Marnie’s,” Mr Hirst said.
Retirement will see Mr Hirst spending more time with his Geelong-based family.
His other interests include horse racing, as the deputy chair of Racing Victoria.
EARLIER: BENDIGO and Adelaide Bank has appointed a new managing director after nine years, as Mike Hirst retires.
Marnie Baker, the bank’s chief customer officer, will assume the role on July 2.
Mr Hirst said he was very pleased Ms Baker had been chosen as the new managing director.
“Her understanding of customers and the bank’s long history of its role in the community are real strengths,” he said.
Ms Baker has been working at the bank for almost 30 years and has been part of the executive team for nearly 20 years.
Bank chairman Robert Johanson said Ms Baker’s appointment would enable the Bank to build on its position.
“Marnie has been instrumental in driving the successful delivery of our customer-connected strategy which has delivered significant commercial and reputational value for the business,” Mr Johanson said.
He said Mr Hirst had been an outstanding leader and left the bank in ‘great shape’.
“Mike has helped build a business that is now the fifth biggest retail bank in Australia – one that is strongly-funded, well capitalised, and with a Net Promoter Score that leads the way among Australian banks,” Mr Johanson said.
Mr Hirst has been working for the bank for more than 15 years and led the organisation through challenging times.
“Mike was appointed in 2009, amidst the depths of the global financial crisis, and not long after the merger with Adelaide Bank,” Mr Johanson said.
Mr Hirst said working with the bank’s staff had been an honour and thanked the bank’s community partners and board and executive for their support throughout the years.
Ms Baker said working with Mr Hirst had been a privilege.
“He’s been a great colleague and highly respected leader,” she said.
She was excited by the opportunity to build on the bank’s market position.
“The current focus on trust and fairness for consumers plays to our strengths, and it presents us with a tremendous opportunity,” Ms Baker said.
She will take leave from April 3 and step into her new role on July 2.
More to come.
The story Marnie Baker appointed managing director of Bendigo Bank first appeared on Bendigo Advertiser.