BOQ director steps down

In a notice to the ASX, the board of the Bank of Queensland (BOQ) announced that non-executive director Richard Haire has decided to retire from the board, following the bank’s half-year results for the 2020 financial year. 

Mr Haire has served as a member of the BOQ board since April 2012, and has taken on roles in various committees within the bank throughout his time at BOQ.

He stepped down from his role as chair of the audit committee in November 2018, a role he had held since shortly after joining the board.

BOQ chairman Patrick Allaway thanked Mr Haire for his service to the bank.

“We would like to thank Richard for his eight years of service, including his role as the chair of the audit committee, where he guided BOQ’s financial reporting, audit and compliance processes during a period of significant change across the banking sector.

“We would also like to acknowledge Richard’s contribution as a member of the risk, human resources and remuneration and information technology committees.”

Mr Allaway noted that the announcement of Mr Haire’s retirement is the latest in a series of resignations, as BOQ gears up to overhaul its lending processes, and address other areas of reform in the bank after “disappointing” FY19 results.

“Richard’s decision to retire is the next step in orderly board renewal process we announced earlier in the year.”

“The three directors departing over the next six months, Richard, Roger Davis and David Willis, have all made significant contributions to BOQ. 

“During their tenure, BOQ has made a number of niche investments that have delivered strong growth for shareholders in speciality sectors, providing a good strategy for return on growth.”

Mr Haire said: “It has been an honour to serve on the board of this iconic Queensland company during a transformative time in the industry and economy.

“I want to wish to board and management team all the best for the next phase of BOQ’s journey.”

BOQ also confirmed that Ewen Stafford, recently announced chief financial officer and chief operations officer, is due to commence his role on 11 November 2019.

[Related: BOQ appoints new CFO, COO]