“Steve has overseen huge change in the previous QT Mutual Bank organisation and locked in a future for his organisation and, importantly, his people,” Mr Gillespie said.
Mr Targett said this was a planned transition and he would continue to work for RACQ Group until a replacement was appointed, expected sometime in the new year.
“In less than a year Steve oversaw a very successful member vote along with the relocation, integration and relaunch of our great mutual bank. He should be rightly proud of this work and, while disappointed, I understand his desire to now move on to new challenges,” Mr Gillespie said.
Mr Targett said he felt RACQ Bank was now set for a very strong future and thanked the QT Mutual Bank and RACQ teams that have made it happen.
“In nine months we created a new bank which will challenge the entire sector in the years ahead, while offering members a great experience,” Mr Targett said.
“For the last few years I have been commuting from Melbourne to Brisbane in my roles with QT Mutual Bank and RACQ and I now feel it is time to focus on my family and look for a challenge closer to home.
“I also feel a sense of closure as we have achieved what we set out to do; provide a future with exciting growth prospects for the QT Mutual Bank team while giving RACQ members a bank they can be truly proud of.”