ME Bank CEO Jamie McPhee steps down

ME Bank chief executive Jamie McPhee has resigned after 10 and a half years at the helm of the super fund-owned financial institution.

The 55-year-old will step down at the end of July, with chief financial officer Adam Crane taking on the role of acting CEO.

“After 10 and a half years at ME, I am looking forward to taking some time out before considering what I want to do next,” Mr McPhee said.

“The timing is right for me and it’s right for the bank.”

The bank and Mr McPhee came under scrutiny from regulators and legislators in April after it restricted access to the home loan redraw facilities of thousands of customers without warning them.

In a statement ME Bank chairman James Evans didn’t mention that matter, highlighting instead that under Mr McPhee’s leadership, ME Bank increased its customer numbers from 234,000 to 542,000, and its assets by 50 per cent to almost $30 billion.

“Jamie leaves with our thanks and best wishes for the future,” Mr Evans said.

“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,” Mr McPhee said.

The board will now start a process to appoint a new CEO.

AAP