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Thank you for your support over the last decade

After 10 wonderful and fulfilling years as the CEO with many fantastic organisational successes along the way, I felt that it was time for me to ‘pass the baton’ to a new CEO to steer the organisation through the next phase of its evolution.  So I have made the difficult, but appropriate, decision to tender my resignation to the Board of Newcastle Permanent.

Ten years ago, we were less than half our size and the largest customer-owned banking organisation in the Hunter. Now we are the second-largest customer-owned organisation in all of Australia.  Our total assets have grown from less than $5 billion in 2005 to more than $11 billion today.

I will look back on my time as part of the Newcastle Permanent team with many happy memories, a sense that we have achieved so much and very importantly, that I will be leaving the organisation in great shape and in very good hands.  

I hope to see many of our customers at my last Annual General Meeting with Newcastle Permanent, at NEX (Newcastle Exhibition & Convention Centre) on 09 November 2018. We’ve achieved a lot over the last year, including achieving the distinction of having the highest customer satisfaction of any financial institution in Australia in the Roy Morgan Customer Satisfaction survey in June and the 2018 Mozo Experts Choice award for Australia’s Best Customer-Owned bank, amongst many other awards. 

It’s an exciting time at Newcastle Permanent as we continue our multi-year, digital transformation program to provide an even better banking experience for both current and future generations of customers. To support this program we are well-progressed on the biggest Digital and IT recruitment drive in our history.  In the meantime, check out the Updates to our digital space story for more information on the improved online services we are currently rolling out. 

I would like to take this opportunity to thank you all, our customers, for your ongoing support during my time as CEO. It has been a privilege working in this position and being part of the community.

A cornerstone of Newcastle Permanent’s customer-owned banking model is the belief that it produces better outcomes for our customers and their communities than the profit-maximising cultures of the share-market listed banks. This belief seems even more relevant today, and I am glad that I have been able to play a part in helping even more people enjoy the benefits of customer-owned banking, which focusses on people before profits.

Yours sincerely, 
Terry Millett

Terry Millett
CEO Terry Millett
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