Head of BOQ exits

The board of Bank of Queensland Limited (BOQ) announced on Monday (28 November) that its current managing director and chief executive will depart, effective immediately.

The board will commence a domestic and international executive search for the new position, after it formed a view that “different leadership is now required to ensure BOQ can continue to build a stronger and more resilient bank through future cycles”.

BOQ chairman, Patrick Allaway, will step into the role as CEO, as current CEO and MD, George Frazis, departs. Meanwhile, its non-executive director, Karen Penrose, will be the lead independent director during this period.

Thanking Mr Frazis for his “significant contribution” Mr Allaway said: “George Frazis joined BOQ in September 2019 and has overseen a return to growth in all key channels across the Bank.

“The successful acquisition and integration of ME Bank, as well as achieving strong progress in the Bank’s technology transformation.”

The board expects the executive search and evaluation process and commencement of the new managing director and CEO will take up to nine months.

Mr Frazis, whose departure is effective today (28 November), will receive his entitlements in accordance with the terms of his contract of employment.

Mr Allaway said that while continued growth remained important and would be embedded in BOQ’s strategy, the bank’s key areas of focus would be ‘strengthening the Bank’, ‘technology transformation’, and ‘optimising performance.’

The appointment of Mr Allaway as executive chairman is designed to retain stability and will ensure that the executive leadership team can stay focused on their current roles and responsibilities.

Mr Allaway said as the bank heads into a “more challenging time” it will prioritise further strengthening its financial and operational resilience.

“In doing so we will continue to work with regulators in advancing maturity in risk behaviours and architecture to strengthen its management framework and practices, including BOQ’s control environment in respect of non-financial risk,” Mr Allaway said.

In addition, it would continue to build “a cloud-based digital and data-led scalable bank”, to improve the bank’s customer and employee experience.

As well as increasing its focus on “simplification, productivity, disciplined execution and optimising returns”.

“Embedding our purpose and values in everything we do, making a difference for all our stakeholders,” Mr Allaway said.

[Related: BOQ pays 133,200 for CDR breach]