An Australian financial institution, The Bendigo and Adelaide Bank appointed first female managing director in the bank’s 160-year history. Marnie Baker will join Bendigo and Adelaide team soon.

Marnie Baker has 29-years of experience in the same field and will replace the incumbent managing director, Mike Hirst who worked at Bendigo and Adelaide for 15-years.

Recently, Ms. Baker driving the bank’s entrance into the new industry-wide digital payments set up, the New Payments Platform but prior to this she held different official parts over various executive roles for almost two decades. She is among four women holding the group’s nine top executive positions.

Marnie Baker will get a $1.2 million yearly compensation, with an extra conceded base installment of 50,000 common offers, every year subject to investor endorsement, close by short and long-haul motivating forces.

Marnie Baker currently working with Australia’s fifth largest retail bank and will assume Mr. Hirst’s duties of leading its 7,200 staff from July 2. She is a Bendigo local.

According to the Workplace Gender Equality Agency survey, 73 percent of key management positions are held by men whereas 5.7 percent of financial and insurance services industry chief executives are female.