In a statement, ME Bank said Jamie McPhee, who had been chief executive of the bank for over 10 years, would step down.
ME Bank chair James Evans said Mr McPhee had “made a significant contribution to the bank” and transformed the scale of its retail banking offering.
“Importantly, Jamie has steered the bank through significant change in the industry and the [macro-economic] environment. Jamie leaves with our thanks and best wishes for the future,” Mr Evans said.
Mr McPhee said he was confident he would leave ME Bank “in a strong position financially”.
“After 10 and a half years as CEO, I believe now is the best time to hand over the reins to give ownership of the bank’s post-COVID strategy development and long-term execution to a new CEO,” Mr McPhee said.
“It has been a privilege to lead the [bank] and to deliver on our purpose and promise to help Australians get ahead.”
Mr McPhee added that he was “looking forward to taking some time out before considering what I want to do next.”
The news comes following the bank facing criticism from ASIC and APRA around changes made to its redraw facility in March which reduced the amount of cash available to 21,000 of the bank’s mortgage customers by an average of $17,500.
Mr McPhee also faced questioning from the House standing committee on economics in May around the changes, which generated around 80 AFCA complaints.
