Bank CEO steps down

The chief executive of an Australian bank has announced that he will “move on to new challenges”, with a replacement to be appointed in the new year.

RACQ Bank CEO Steve Targett announced that he would step down from his position, after successfully launching the new bank this week.

Group CEO Ian Gillespie said that Mr Targett’s legacy would live on as long as there was an RACQ.

“Steve has overseen huge change in the previous QT Mutual Bank organisation and locked in a future for his organisation and, importantly, his people,” Mr Gillespie said.

Mr Targett said that this was a planned transition and he would continue to work for RACQ Group until a replacement was appointed, expected sometime in the new year.

Mr Gillespie said: “In less than a year, Steve oversaw a very successful member vote, along with the relocation, integration and relaunch of our great mutual bank. He should be rightly proud of this work and, while disappointed, I understand his desire to now move on to new challenges.” 

Mr Targett said that he felt RACQ Bank was now set for a very strong future and thanked the QT Mutual Bank and RACQ teams that have made it happen.

“In nine months, we created a new bank which will challenge the entire sector in the years ahead, while offering members a great experience,” Mr Targett said.

“For the last few years, I have been commuting from Melbourne to Brisbane in my roles with QT Mutual Bank and RACQ, and I now feel it is time to focus on my family and look for a challenge closer to home.

“I also feel a sense of closure as we have achieved what we set out to do: provide a future with exciting growth prospects for the QT Mutual Bank team while giving RACQ members a bank they can be truly proud of.”

[Related: Bank merger in play as lenders take on the big four]

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