Industry super fund-owned bank ME has announced a new chairman following the group’s annual general meeting.
The directors of the bank announced that Ken Hodgson has succeeded Garry Weaven as chairman of the ME board, effective 1 January 2016.
In a statement today, ME said the decision was ratified at the bank’s annual general meeting on 12 November 2015.
ME's former chairman, Garry Weaven, said Mr Hodgsen is a highly respected business leader and company director and has developed a deep understanding and passion for ME since being appointed as director in January 2012.
“Ken brings 28 years’ experience leading banking and retail businesses including the retail and consumer banking operations at two of Australia’s largest banks, NAB and Westpac, as well as five years in retail energy at AGL,” Mr Weaven said.
“The depth and breadth of his industry knowledge will be a major asset for the bank.”
Mr Hodgson said: “It is a privilege to be appointed as chairman of a genuine challenger bank built on the values of the industry super funds and which has as its core aim to help all Australians get ahead.
“ME is in a strong position having delivered on its growth objectives over the last three years, including achieving a compound annual growth rate in net profit after tax of 35 per cent over that period, from $24.4 million in 2012 to $60.0 million in 2015.
“This strong momentum in earnings reflects ongoing organic home loan growth at a rate above system, and the continued realisation of significant investments in technology, operational capability and a new brand.”
Mr Hodgson highlighted that last financial year ME achieved an increase in total shareholder return of 7.3 per cent compared to an average of 6.4 per cent across the regional and major banks over the same period.
“I look forward to working with the board and the CEO, Jamie McPhee, to ensure the bank realises its full potential,” he said.
“I also acknowledge the significant contribution of our former chairman, Garry Weaven, who was re-elected to the board at the annual general meeting.”
[Related: ME Bank chairman retires]