Mr Eather said he was honoured to have been chosen to lead the financial institution. 

“I would like to acknowledge the wonderful service Michael Slater has given the organisation in his role as chairman for the past nine years,” he said. 

“Under his stewardship the organisation has continued to grow and is now recognised as Australia’s financially strongest customer-owned financial institution.”

Mr Eather said he was looking forward to the position and working to ensure the organisation maintained a positive growth trajectory. He was also determined to deliver value for customers. 

A former chief executive of NBN television, Mr Eather has served on the Newcastle Permanent Board since May 2013 and has held roles as chairman of the audit committee and as a member of the corporate governance and nominations and risk management committees.

He is a qualified accountant, a director of Newcastle Friendly Society and Hunter Water Corporation and managing director of the Callaghan Institute.

Mr Slater welcomed his successor’s appointment.

“He has strong corporate governance credentials and has earned the respect of his peers. I am confident he will make his own positive mark,” he said.

“I have enjoyed my role as chairman and I look forward to continue serving as a director with Newcastle Permanent following my re-election at today’s annual general meeting.”

Newcastle Permanent presented a profit of $40.9 million net profit after tax result on Friday.