Bendigo Bank's boss is on her way out the door.
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Managing director Marnie Baker will hand the company's reins to chief customer officer Richard Fennell, who will also have the role of chief executive officer.
The incoming boss will get $1.5 million a year minimum, though he could get much more than that in short and long term incentives, the bank said in a statement to the Australian Stock Exchange.
That could include just over $1 million in the short term, plus another $1.58 million at the end of 2025 if shareholders approve the job he's doing.
Marnie Baker proud of what's been accomplished
Ms Baker has been with the bank for 35 years, including six in the managing director and chief executive positions.
She said leading the bank had been "a great privilege "and I'm immensely proud of what has been accomplished".
Ms Baker originally came to Bendigo from her family's Cohuna dairy farm, where she graduated from La Trobe University with a bachelor of business.
Bank chair Vicki Carter paid tribute to her decades of service at the bank, and the changes she had overseen.
"Marnie's passion and advocacy for regional Australia has ensured the Bank stands apart from an increasingly homogenised industry," Ms Carter said.
"Marnie will be missed by all."
Ms Baker said she had every confidence the bank would thrive and keep "making a positive impact" under Mr Fennell's leadership.
She is yet to share her plans for the future but is expected present the bank's full year results to the public on Monday, August 26.
Who's the new boss?
Mr Fennell started with the bank in 2007 after 18 years in finance and consulting. He has been chief financial officer and overseen the bank's group strategy and corporate divisions.
He has looked after the bank's "customer facing businesses" since 2018, the group told the Australian Stock Exchange.
"Richard has driven the Bank's leading deposit franchise through the prudent management of our branch network and our unique Community Bank model, shoring up one of the bank's key competitive strengths, its market leading household deposit to loan ratio," Ms Carter said.
Mr Fennell is currently based in Adelaide, where he is a part-time director with AFL club the Adelaide Crows.
He is also deputy chair of education group the Helpmann Academy.
This story was updated at noon with more details about Marnie Baker's career and future plans, an updated picture of her, and more details about Richard Fennell's career.
Tom O'Callaghan
I grew up in Bendigo and I want to tell your stories.
I grew up in Bendigo and I want to tell your stories.
