Bendigo Bank’s new CEO overhauls team amid digital push

The regional lender has overhauled its top executive team, with Xavier Shay elevated to chief digital officer after the success of neobank Up.

Bendigo Bank has unveiled a number of new leaders, with (L-R) Xavier Shay (L) joining incoming CEO Richard Fennell, Sarah Bateson and Taso Corolis (R). Picture: Wayne Taylor

Bendigo and Adelaide Bank’s new chief executive Richard Fennell has unveiled a new leadership line-up, appointing a trio of new senior managers to the regional lender.

In a move announced on Monday, Bendigo Bank said the new executives appointed across the bank were aimed at supporting the next phase of the lender’s strategy, with a goal to focus on the “strong pipeline of demand that exists for its products and services”.

The new positions are focused on Bendigo’s digital banking offerings and marketing, as well as growing the lender’s customer numbers.

Mr Fennell said the changes in leadership were only possible after “simplifying, modernising and digitising the bank”.

“The time is right to accelerate the next phase of our development by continuing to invest in the areas that will help us deliver sustainable growth such as our digital bank Up, the Bendigo lending platform and the business and agri transformation,” he said.

“After carefully considering the capabilities we need to deliver against our objectives and to continue meeting the evolving needs of our customers.”

The changes see Up CEO Xavier Shay elevated to chief digital officer across the lender.

Mr Shay remains boss of Up but will take charge of Bendigo’s digital banking capabilities, with the lender pointing to efforts to push digital products more broadly across the group.

Bendigo took control of Up in a $116m deal with Melbourne fintech Ferocia in 2021.

Adelaide-based home lender Tiimely has also formed a key plank of Bendigo’s push into digital mortgages.

It comes amid a continued push by Bendigo to slash costs from the sprawling banking group.

Mr Shay, a former director of payments giant Square, will lead Bendigo’s digital teams.

Bendigo marketing general manager Sarah Bateson has been handed control of the new brand, marketing and communications division as part of the shake-up.

Bendigo’s chief risk officer Taso Corolis will also be promoted to chief customer officer, consumer banking, with the banking executive tasked with focusing on the regional bank’s customer growth. He will take on the role on October 7.

Mr Fennell, who previously held the chief customer officer, consumer banking role, said leadership renewal was important for Bendigo, announcing the changes the same day he took on the top job.

Bendigo’s long-time CEO Marnie Baker retired from the bank on August 31 after almost six years in the top job and 35 years at the bank.

“Over the last five years the Bank has made significant progress in reducing complexity, investing in capability and telling our story,” Mr Fennell said.

“Our future will rely on our ability to accelerate our digital capability and deliver improved experiences to acquire, retain and deepen relationships with our customers.”

This comes after Bendigo bank unveiled a $562m cash profit last week, in an earnings slide down 2.6 per cent for the year as the lender faced softer economic conditions.

In an email to staff, Mr Fennell said he was planning a roadshow of the lender’s national footprint “in the coming months”.

“I will continue to make time for this across the year and beyond,” he said.