Bendigo and Adelaide Bank names new chief executive

Bendigo and Adelaide Bank is promoting its chief customer officer to replace CEO and managing director Marnie Baker, who is retiring after 35 years with the institution.

Richard Fennell will replace Ms Baker on August 31, the regional bank announced on Tuesday.

Chairwoman Vicki Carter said Mr Fennell's strong focus on the customer, achievements in the digital sphere and significant financial expertise convinced the board to select him following a comprehensive search that included external candidates.

"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," Ms Carter said.

Ms Baker has been managing director and CEO of the bank for six years, leading it through natural disasters, the COVID-19 pandemic and record low interest rates.

Ms Carter said Ms Baker's authentic leadership style had been a beacon for many during a period of change for the bank and its customers.

"Marnie's passion and advocacy for regional Australia has ensured the bank stands apart from an increasingly homogenised industry."