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Hume Bank has announced that Chief Executive Officer Stephen Capello will step down from his role after eight years leading the organisation.
Mr Capello has advised the Board of his decision to resign and will depart the bank following a short transition period.
“It has been an extraordinary eight years leading Hume Bank. I am so proud of what we have achieved together and the strong position the bank is in for the next stage of its journey,” Mr Capello said. “I also leave grateful for the support of our people, the Board and our communities.”
During his time as CEO, Mr Capello has overseen one of the most significant periods of growth and transformation in the bank’s history. Working with more than 160 employees, he has helped expand the bank’s capabilities, strengthen its market position and progress the strategic pathway that has led to the proposed merger with Geelong Bank.
Chair of the Hume Bank Board, Kerry Grigg, said Mr Capello’s leadership had played a defining role in the bank’s development.
“Stephen’s contribution to Hume Bank has been substantial. His leadership has helped shape the bank we are today and positioned it strongly for the opportunities ahead, including the next stage of our journey with Geelong Bank,” Ms Grigg said.
“The bank is now even more deeply connected to the communities it serves and is well positioned to continue its growth and purpose-driven mission in the years ahead.” Ms Grigg said Mr Capello had also been the lead architect of Hume Bank’s purpose – to create a secure tomorrow by connecting people and community through fair and accessible banking – and had been a strong advocate for regional banking.
“Stephen has been a champion for regional communities and for the customer-owned banking sector. Under his leadership, Hume Bank has continued to invest in local communities and maintain a branch network across our region that is larger than the Big Four banks combined,” she said.
To support a smooth transition, the Board has appointed Kent Griffin as interim Managing Director while a formal search process for a permanent Chief Executive Officer is undertaken.
Mr Griffin is a long-serving Hume Bank Board member and currently Chair of the Risk Committee and a member of the Audit and Inorganic Growth Committees. He is also a former Chief Executive Officer with extensive experience in financial services leadership.
Mr Capello will work closely with the Board and leadership team during the transition period.
Ms Grigg said the bank’s strategic direction remains unchanged.
“Hume Bank remains firmly focused on serving our communities, delivering on our purpose and progressing the important work associated with the proposed merger with Geelong Bank and our long-term growth strategy,” she said.