ME Bank yesterday announced its long-standing CEO Jamie McPhee has resigned and will be leaving the group at the end of July 2020.
Upon sharing the news, McPhee attributed his decision to timing saying it’s “right for me and it's right for the bank.”
“In deciding to call time, I know the bank is in a strong position financially and is well placed for the future, but that the industry challenges ahead and resulting need for change, will require a long-term commitment,” he explained.
"After ten and a half years as CEO, I believe now is the best time to hand over the reins to give ownership of the Bank’s post-COVID strategy development and long-term execution to a new CEO.
“It has been a pleasure to have led such an outstanding team, one that really cares for our customers, and am pleased that the team's commitment and hard work has been recognised by the many awards received for our products and services.”
McPhee also said he plans on “taking some time out” before considering what he will do next.
ME Bank chairman James Evans added, “Jamie has made a significant contribution to the bank over the last ten and a half years, transforming the scale and extent of ME’s retail offering to customers.
“ME has increased significantly in size and relevance, growing its customer numbers from 234,000 to 542,000, and its assets by 50% to almost $30 billion.
“Importantly, Jamie has steered the bank through significant change in the industry and the macro economic environment. Jamie leaves with our thanks and best wishes for the future.”
Evans also emphasised that under McPhee’s tenure, ME continued to achieve primacy in customer satisfaction according to Roy Morgan banking research.
Upon his departure at the end of July, ME Bank CFO Adam Crane will take on the role of Acting CEO while the board commences the process of selecting a permanent replacement.