The new structure, which includes a new business banking division with responsibility for the end-to-end experience for business customers, will reportedly be underpinned by business support areas designed to “optimise performance, reduce complexity and deliver on [the bank’s] shared customer focus”.
Speaking of the decision to restructure, managing director Marnie Baker said the changes will align capabilities and operations to sharpen focus with a strategy to be “Australia’s bank of choice.”
“Our purpose is the same today as it was when we were founded 160 years ago, that is, to feed into the prosperity of our customers and their communities, not off it,” Ms Baker said.
“What differentiates our bank from all others is the time we take to better understand our customers, partners and their communities and find ways to solve problems that others don’t, in a way that creates and shares value.
“There has never been a better time for our style of banking. We are better placed than our competitors in the current environment given our deep connection to our customers, our agility given our size and scale, and the high level of trust we hold with the general public compared with our peers,” she said.
As part of the restructure, the bank’s chief financial officer Richard Fennell will lead the customer banking division, which will be responsible for delivering “an intelligent omnichannel experience for all consumer customers, specific to their individual circumstances”.
Travis Crouch, the divisional CFO for revenue and chairman of the bank’s pricing committee, has become the new CFO.
Executive for partner connection Bruce Speirs will lead the newly created business banking division, with responsibility for “the end-to-end experience for business customers”
Alexandra Gartmann will continue to lead the agribusiness division. Rural Bank will continue to have responsibility for the end-to-end experience for agribusiness customers.
Executive and former head of group strategy Robert Musgrove will lead the newly created division of corporate and public affairs, which will “shape and maximise the bank’s position through external communications, as well as develop an agenda to champion [its] point of difference to all stakeholder groups”.
Meanwhile, chief engagement officer Andrew Twaits will lead the new customer and partner engagement division that will focus on engagement with existing and prospective customers as well as “delivering innovation and incubating new and existing partnerships and relationships”.
Stella Thredgold will continue to focus on “business enablement” to drive and implement change and transformation across the organisation, both in technology and operational excellence.
The bank has also announced that it will create a new “people” division to take account for human resources and internal communications functions, with Myer HR executive Louise Tebbutt being appointed to the group executive as the chief people officer as of October 2018.
The risk division, led by Taso Corolis, will continue its oversight for risk across the group, including prudential regulatory obligations, while the finance and treasury responsibilities and functions in supporting the group remain unchanged.