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New bcu Chairman announcement

Experienced banker Steve Targett has taken over as chairman of bcu as part of a Board succession plan, after long-serving chairman Grant Wallace’s retirement from the role.

Mr Targett, who joined bcu as a casual director in May, will have his appointment voted on by bcu’s members at the company’s annual general meeting on Tuesday 30th October. Mr Wallace will remain on the bcu board as a director.

Mr Targett said he had been impressed by bcu’s people and service since commencing his relationship with the company and looked forward to leading the organisation into its next stage of growth and success. “The importance of character, community, and a fair go for members is very close to my heart,” he said. “I recognise those values in the way that bcu does business, and I am honoured that the board has elected to put me forward to bcu’s members, as a permanent director and chairman going forward.”

Outgoing chairman Grant Wallace, who has served on bcu’s board since 2009, said he believed Mr Targett’s experience would benefit bcu and its members. “Serving as bcu’s chairman for the past nine years has been one of the highlights of my professional life, and I am honoured to hand the reins to Steve as part of our board succession plan,” he said. “We are delighted to have a chairman with the calibre and member-focused DNA of Steve Targett to lead bcu’s board as we move forward.”

Reflecting on his time as chairman, Mr Wallace said he was proud of bcu’s outstanding financial results, which had allowed significant investment in the business and support of local communities. “I acknowledge the significant contribution of the senior management team, and particularly that of Acting CEO Alan Butler’s stewardship,” Mr Wallace said. “I am proud that we have been recognised by the financial services industry for the products and financial solutions that we deliver for our members. None of our achievements would have been possible without bcu’s hardworking, dedicated and energetic staff, who have demonstrated commitment and resilience through a period of challenging transitions in the industry and the organisation.”

Prior to bcu, new chairman Mr Targett’s non-executive directorship experience has included Lloyds TSB, Clydesdale Bank, Yorkshire Bank, Northern Bank, National Irish Bank, and National Bank of New Zealand. In an executive capacity, Mr Targett has previously held large global roles running large bank divisions, reporting directly to the CEOs of National Australia Bank, Lloyds TSB and ANZ Bank. More recently, he was Deputy Chair of P&Cs Queensland and a Director of Cuscal and TAS Managed Services. Mr Targett was chair of Australian Financial Markets Association for three years.