In a surprise announcement, Bendigo and Adelaide Bank (ASX:BEN) has announced that CEO Marnie Baker is stepping down after 35 years with the bank, the last six as CEO. She will be replaced by the bank's current Chief Customer Officer, Richard Fennell, at the end of August.

Fennell has served as the bank's Chief Customer Officer for consumer banking since 2018, having joined in 2007. He will assume the top job starting August 31.

"Bendigo and Adelaide Bank is a unique institution that plays an important role in providing Australian banking consumers with a genuine and compelling alternative to the majors," Mr. Fennell said in a statement. "I am grateful for the transformation work Marnie has driven to create strong foundations for the bank, and I am proud to accept the responsibility for leading Bendigo and Adelaide Bank and ensuring its future success."

"Bendigo and Adelaide Bank is in a position of strength, and Richard is well-placed to lead the next phase of our sustainable growth agenda for the benefit of our customers, our shareholders, our people, and our communities," according to a statement from the bank's Chair, Vicky Carter. She paid tribute to Ms. Baker's leadership through COVID, frequent natural disasters, and record low interest rates.