ME Bank CEO resigns

14 July 2020

Just months over the uproar over ME Bank’s handling of client’s redraw facilities, the bank chief executive has announced his departure.

ME Bank chair, James Evans said the chief executive, James McPhee had resigned.

McPhee did not mention the drawdown issue but said he had decided to call time.

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“In deciding to call time, 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,” he said. “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.”

Evans said McPhee had requested that his resignation be effective from the end of July, which the board respected and had agreed to.

“The chief financial officer, Mr Adam Crane, has agreed to take on the role of acting CEO,” he said.




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Worse debacle in modern mortgage history but I bet he'll get a fat payout.

“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.”

I put the above sentence into Google Translate. It read -

"After 10 years, we've come across an unprecedented event that has hit us in the balls. We were in bed with some big industry funds and they needed liquidity - since we are somewhat vertically integrated, we tried and sneaky tactic to 'borrow' funds off our customers redraw accounts and got caught. Now that ME could be subject to further scrutiny down the line, its better for me to resign and it will be easier for justify that this whole debacle can be blamed on 'old management'.

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