George Frazis – who was Westpac’s chief executive, consumer, before David Lindberg took over the role in April 2019 – will become the new managing director and CEO of BOQ from 5 September 2019.
He will take over the helm from interim CEO Anthony Rose, who has been heading up the company since BOQ’s former CEO, Jon Sutton, resigned last year following a heart operation.
Mr Rose will continue as interim CEO until the handover to Mr Frazis in September.
In his prior role, Mr Frazis had responsibility for consumer distribution, digital, marketing, transformation and banking products and services at the Westpac group.
He was also the CEO of Westpac New Zealand before becoming CEO at St George Banking Group. His previous roles include senior executive positions at NAB, CBA and BCG.
BOQ chairman Roger Davis and chairman-elect Patrick Allaway said they were “delighted” to welcome Mr Frazis to the bank, adding that his experience in retail banking, transformation and strategic acumen “make him a great fit for BOQ”.
“George brings a wealth of experience that will drive Bank of Queensland’s future direction and build on the work already commenced by the management team,” they said in a joint statement.
“We welcome George’s strong and demonstrated risk management focus. He is committed to acting in the best interests of customers, including improving transparency and advocating for higher standards of fairness.”
They concluded: “George is the right person to lead BOQ during one of the most transformative periods in the banking sector.
“There is a significant amount of work ahead, and with George at the helm, BOQ is well‐positioned to achieve our strategic goals and deliver for our customers and shareholders.”
Speaking of his upcoming role, Mr Frazis said: “Disruption across the industry is moving at pace. The BOQ board and I recognise the need to respond decisively to address the challenging environment facing BOQ, and indeed all banks.
“However, those circumstances present many opportunities for a bank [that] is customer-focused and can move quickly to deliver a point of difference.
“At the top of the list is to embrace digital innovation that recognises the future of banking lies in mobility and personalisation.”
He continued: “I look forward to working hand in hand with the BOQ executive team and the board as we drive the necessary functional and cultural changes essential to delivering a better customer experience and improving BOQ’s long-term performance.”
The BOQ board thanked Mr Rose for his “dedicated leadership” over the last six months and said that they “appreciate his commitment to completing a seamless leadership transition over the remainder of this financial year”.
As CEO and MD, Mr Frazis will be paid $1.3 million a year, plus incentives.
[Related: Bank CEO and MD resigns]
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Annie Kane is the editor of The Adviser and Mortgage Business.
As well as writing about the Australian broking industry, the mortgage market, financial regulation, fintechs and the wider lending landscape – Annie is also the host of the Elite Broker and In Focus podcasts and The Adviser Live webcasts.