- Bank of Queensland (BOQ) announces the departure of CEO George Frazis from the company and commences its executive search for a new Managing Director and CEO
- The company says different leadership is required to ensure it can continue to progress in its technology transformation
- Chairman Patrick Allaway has taken on the role of Executive Chairman for the period of the executive search
- According to the BOQ board, the search for a new CEO is expected to take up to nine months
- Shares in BOQ are down 5.36 per cent and trading at $7.16 at 2:10 pm AEDT
Bank of Queensland (BOQ) has announced the departure of CEO George Frazis from the company and commenced its executive search for a new Managing Director and CEO.
The company said different leadership was required to ensure it could continue to progress in its technology transformation.
Chairman Patrick Allaway has taken on the role of Executive Chairman for the period of the executive search.
The company said Mr Allaway’s appointment was to retain stability and would ensure the executive leadership team could stay focused on their current roles and responsibilities.
Mr Allaway outlined a few key areas of focus in the bank’s strategy, citing the importance of continued growth.
These focus areas include technology transformation, with BOQ concentrating on continuing to build a cloud-based digital and data-led scalable bank and moving off multiple complex legacy systems to reduce its reliance on manual processes.
Another area of focus for BOQ is continuing to strengthen the bank, prioritising its financial and operational resilience in anticipation of a more challenging economic cycle.
The board thanked Mr Frazis for his contribution to the company — in particular, his involvement with the successful acquisition and integration of ME Bank and return to growth in all key channels.
According to the board, the search for a new CEO is expected to take up to nine months.
Shares in BOQ were down 5.36 per cent and trading at $7.16 at 2:10 pm AEDT.