BOQ updates on CEO search

Bank of Queensland patrick allaway ceo appointment

28 March 2023
| By Laura Dew |
image
image
expand image

Bank of Queensland (BOQ) has confirmed interim chief executive, Patrick Allaway, will continue in the role until December 2024, following the surprise departure of George Frazis after two years last November.

Frazis departed the bank with immediate effect last November after two years, and an international and domestic search began to fill his role. At the time, the firm felt different leadership was needed to build a stronger bank.

In the interim, the role was held by Patrick Allaway, who had been appointed chairman in October 2019. 
BOQ had now confirmed Allaway would take on the CEO role until December 2024, as well as the role of managing director. His total fixed remuneration for the roles would be $1.5 million per annum.

Warwick Negus would take over as chairman from 27 March 2023; he had sat on the board as a director since 2016. He was previously chief executive of Colonial First State Global Asset Management (CFSGAM).

“Allaway’s appointment will provide stability and continuity during this period, enabling the management team to continue delivering BOQ’s priorities, as announced at the December 2022 AGM, of strengthening, simplifying, digitising and optimising BOQ,” the firm said in a statement to the Australian Securities Exchange (ASX).

“The search process for a long-term CEO will continue to allow further time for consideration of a pool of external candidates and the further development of internal candidates.”

Allaway added: “Our focus is strong financial resilience whilst simplifying our operations and digitising for our future state. We have made material progress in strengthening our capital and liquidity position over the past six months and have maintained quality lending portfolios as we prepare for a more challenging economic environment. 

“BOQ has several programs underway to improve the effectiveness of our control environment and organisational efficiency, building a leaner, more agile and digitally enabled bank.”

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

1 day 20 hours ago

Interesting. Would be good to know the details of the StrategyOne deal....

6 days 2 hours ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 4 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 6 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

5 days ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

4 days 3 hours ago