Bendigo and Adelaide Bank has announced the appointment of Jacqueline Hey as its next chair, taking over from board veteran Robert Johanson.

Ms Hey, the former CEO of Ericsson in the UK and Australia, will take the helm of the country’s fifth largest retail bank on October 29 at the lender’s annual general meeting.

Mr Johanson, who will retire from the board after 31 years as a director and 13 years as chair, said he welcomed Ms Hey’s appointment.

Bendigo’s share price dropped 13 per cent from a year-high $11.33 in February after it reported its first-half profit fell 2.4 per cent to $219.8 million.

The company’s stock has since clawed back some of those losses and was worth $11.04 before trade on Thursday.