BOQ chairman Roger Davis will retire following the release of the bank’s full-year results in October and will also abdicate his position on the bank’s board.
Mr Davis will be replaced by Patrick Allaway, who has been appointed chairman-elect.
Mr Davis was appointed to the BOQ board in August 2008 and has served as chairman since May 2013.
Following the announcement, Mr Davis said: “It has been a privilege and honour to serve as chairman of the board over these past six years, during which we have seen enormous regulatory, technological and economic change.
“I believe now is the appropriate time to transition to a new chairman and continue with the board renewal process.
“I am also delighted with the board’s selection of Patrick Allaway as the next chairman who will facilitate BOQ’s strategic agenda, including the ongoing digital transformation of the bank.”
Chairman-elect Patrick Allaway joined the BOQ board on 1 May 2019. Mr Allaway holds senior executive, non‐executive and corporate advisory experience across the financial services, property, media and retail sectors.
Mr Allaway’s executive career was in financial services with Citibank and Swiss Bank Corporation (now UBS) working in Sydney, New York, Zurich and London.
Mr Allaway was also managing director of SBC Capital Markets & Treasury with direct responsibility for a global business operating in 16 countries.
Mr Allaway brings more than 30 years of experience in financial services across financial markets, capital markets and corporate advisory, which included an advisory role in the media sector, responding to considerable digital disruption.
Mr Allaway is also currently a non‐executive director of Nine Entertainment Co and Domain Limited and has previously served on the boards of Macquarie Goodman Industrial Trust, Metcash Limited and Woolworths South Africa.
Commenting on his appointment, Mr Allaway said: “I am grateful for the trust placed in me by the board. I look forward to working with the board and management to ensure we deliver long‐term value creation for customers and shareholders.”
Mr Davis also made reference to BOQ’s continued search for a new managing director and CEO, stating that the bank is “well advanced” in the recruitment process.
“In the meantime, we are continuing to deliver on our foundational investments and a strategic update to the market will be provided later in the year,” he added.
[Related: BOQ reports negative negative growth]