Richard Guy to stand down as Bendigo Bank Chairman

Bendigo Bank Chairman Richard Guy OAM announced his intention to retire as Chairman of Bendigo Bank after 19 years at the helm of the company.

The announcement was made at Bendigo Bank’s 140th Annual General Meeting held today.

Mr Guy will stand down as Chairman in March 2006 and the position will be taken over by current Deputy Chairman Robert Johanson.

Mr Guy will remain on the board for a short time after March next year to ensure the smooth transition to Mr Johanson’s leadership.

Although Mr Guy’s appointment to the board does not end until October 2007, he expects to retire from the board before that date.

During the next twelve months, two new directors will be appointed to the board.

Mr Guy was first appointed to the board in 1981 and appointed chairman in 1986.

It could be said that Mr Guy’s association with Bendigo Bank was pre-ordained by family circumstances.

“Bendigo Bank’s antecedent companies included the Bendigo and Sandhurst Building Societies and Sandhurst Trustees, both of which my father, Allen Guy, chaired,” Mr Guy said.

“Other family members have also served with distinction including my brother Peter and my uncle Eric Cohan.

“Our family has given almost 150 years service to our various boards.

“It is fair to say that I really was born a member of ‘the Bendigo family’,” Mr Guy said.

The Company that Mr Guy leads today is vastly different to the company he joined in 1982.

In 1982 assets totalled just $176 million – less than the value of loans Bendigo Bank today writes every eight working days.

In 1983, the company expected to lend $5 million every month and today, we approve $500 million a month.

“During the past decade, the company has grown from a relatively small organisation into one of Australia’s Top 150 companies.

“Our balance sheet is 10 times larger, our staff almost five times larger, our distribution network now encompasses the entire nation.

“I am pleased to say though, that while today’s Bank is large by comparison, it does retain those cultural elements so essential to our long-term success.

“We are poised for the next phase of our growth and it is vital that we have directors and senior managers with the requisite skills and experience to secure sustainable success.”

Fifty-four year old Robert Johanson has been a director of the company for the past 18 years and deputy chairman for five years.

A Melbourne-based director, Mr Johanson is a director of Grant Samuel Group Pty Ltd and has expertise in corporate strategy, capital and risk management.