Industry fund-owned bank ME has announced the appointment of a new chairman to replace former chairman Garry Weaven.
Ken Hodgson was appointed to the position effective 1 January 2016 after the decision was ratified at the Bank’s annual general meeting on 12 November 2015.
Garry Weaven said Hodgson has developed a deep understanding and passion for ME since being appointed as director in January 2012.
“Ken brings 28 years’ experience leading banking and retail businesses including the retail and consumer banking operations at two of Australia’s largest banks, NAB
and Westpac, as well as five years in retail energy at AGL. The depth and breadth of his industry knowledge will be a major asset for the Bank,” Weaven said.
Hodgson said it is a privilege to be appointed as chairman of a genuine challenger bank.
“ME is in a strong position having delivered on its growth objectives over the last three years, including achieving a compound annual growth rate in net profit after tax of 35% over that period, from $24.4m in 2012 to $60.0m in 2015,” he said.
“This strong momentum in earnings reflects ongoing organic home loan growth at a rate above system, and the continued realisation of significant investments in technology, operational capability and a new brand.”