Bank of Queensland CEO George Frazis steps down
Effective today, George Frazis will depart from Bank of Queensland (BOQ) after over two years as chief executive.
BOQ had commenced an international and domestic executive search to fill the role, which would be held by BOQ chairman, Patrick Allaway, as executive chairman in the interim.
Allaway had been a non-executive director since May 2019 and was appointed chairman in October 2019.
BOQ non-executive director, Karen Penrose, would be the lead independent director during this period.
“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,” said Allaway.
However, the board had “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,” he added.
The executive search, evaluation process, and commencement of the new managing director and chief executive was expected to take up to nine months, the bank said.
In the meantime, Allaway had reiterated BOQ’s focus on strengthening financial and operational resilience, optimising performance and returns, and technological transformation.
AUTHOR
Rhea Nath
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