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ME Bank CEO Jamie McPhee calls time – The Australian Financial Review

Longstanding boss of challenger bank ME steps down after unwinding controversial redraw facility decision.



ME CEO Jamie McPhee has resigned from the challenger bank after more than ten-and-a-half years in the top job. Mr McPhee will be replaced by his chief financial officer Adam Crane on an acting basis.
In recent months Mr McPhee had become a target of criticism for his controversial handling of a decision to unwind a popular redraw facility that allowed customers to access home loan debt that had been paid down. Mr McPhee will finish at the end of July.
ME CEO Jamie McPhee said after ten plus years at the bank he was looking forward to taking some time off. Eamon Gallagher
During his time as CEO Mr McPhee more than doubled the customer base from 234,000 to 542,000 and grew its assets by 50 per cent to $30 billion. The former cricketer and Carlton tragic was known for his affable management style and wearing a company polo shirt to work most days.
“I know the bank is in a strong position financially and is well placed for the future, but that the industry challenges ahead and resulting need for change, will require a long-term commitment,” Mr McPhee said in a statement.
“After ten and a half years as CEO, I believe now is the best time to hand over the reins to give ownership of the banks post-COVID strategy development and long-term execution to a new CEO.”
ME Bank was set up in 1994 and is owned by 26 union-and-employee-backed industry superannuation fund shareholders. Mr McPhee positioned the bank as alternative to the big four and said his job was to generate a ‘reasonable’ return for shareholders despite never delivering a dividend for stakeholders.

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