Following the departure of former CEO Jamie McPhee at the end of July 2020, ME Bank has this week welcomed acting CEO Adam Crane into the role on an official basis.
ME Bank chairman James Evans said Crane has “proven himself” since assuming the head role over four months ago.
“It was a smooth and effective transition, and importantly, he has the respect of our employees, shareholders and stakeholders generally,” Evans said.
McPhee left the bank within two months of the group’s redraw fiasco which resulted in around 4% of customers having their redraw limit reduced without their being informed; while the former CEO stood by the bank's decision to adjust the redraw limits, he conceded more should have been done to communicate what was happening to the account holders, saying he was “deeply sorry” the group tried to do a good thing, but “went about it the wrong way”.
Crane’s appointment as CEO is effective immediately.
“When Adam joined ME Bank as CFO in August, the CEO at the time and the Board had succession planning in mind, as it always does with senior executive appointments. Adam’s depth of experience across finance, strategy and digital transformation and his evident leadership skills made him the standout candidate at the time,” said Evans.
“He again has proven to be the standout candidate for the role of CEO.”
For his part, Crane has said he “couldn’t be prouder” to assume the role.
“ME Bank is the local success story of Australian banking. The original challenger bank, ME was created by Australian industry super funds, who could see that their customers deserved a better deal,” he added.
“ME Bank’s track record of customer growth shows that this has struck a chord. People have embraced ME’s promise of simple banking products and easy to deal with customer service.
“I would like to thank our people for their support and for their tireless commitment to our customers during what continues to be challenging times. Our people remain crucial to ensuring ME’s resilience in difficult times and our ongoing success.”