Former Deloitte CEO joins non-major bank board

The non-major bank has announced that Deloitte’s former CEO, Richard Deutsch, will commence his role as non-executive director of the board on 20 September 2021. 

His appointment is subject to regulatory checks and registrations.

Mr Deutsch was CEO of the accounting and consultancy giant between September 2018 and April 2021, before stepping down for “personal reasons”. 

Prior to Mr Deutsch’s role as CEO, he served as Deloitte Australia’s managing partner of the audit and advisory practice, and was a member of the global audit and advisory leadership team.

Mr Deutsch’s professional history also includes 25 years spent at PricewaterhouseCoopers – nine of which as an executive, as well as former director positions with food waste charity OzHarvest, Adara Group, and the Institute of Chartered Accountants in Australia.

“It is an honour to be joining the Bendigo and Adelaide Bank board. I am strongly aligned to the organisation’s sense of purpose and community,” Mr Deutsch said on his appointment. 

Bendigo and Adelaide Bank’s chair, Jacqueline Hey, added: “Richard's deep audit and advisory experience will bring significant weight to both our board and board audit committees.

“Richard’s commitment to strengthening community and social justice also strongly aligns with our bank’s values, longstanding purpose and vision to be Australia’s bank of choice.”

The news comes alongside the announcement that two current non-executive directors, Robert Hubbard and Tony Robinson, will officially retire from the board following the bank’s annual general meeting in November. 

Mr Deutsch will replace Mr Hubbard as chair of the board audit committee upon his departure.

“I want to thank both Rob and Tony for their significant contributions to our board and bank. Their strategic input has seen our company to where it is today: serving more than 2 million customers as Australia’s better big bank and continuing to invest in the vibrancy of the communities in which we operate,” Ms Hey stated. 

Earlier this month, Bendigo and Adelaide Bank confirmed that it had acquired Melbourne-based fintech, Ferocia Pty Ltd for $116 million as a way to hasten its digital strategy and “shape the future of banking for a new generation of customers”. 

In July, fintech lender Tic:Toc secured $25 billion of additional funding for the next seven years from Bendigo and Adelaide Bank after successfully extending its partnership, founded in 2018. 

[Related: Non-major bank to acquire fintech for $116m]