About BOQ
BOQ is one of Australia’s leading ‘regional’ banks with more than 180 branches throughout Australia. Unlike many other banks, many of BOQ’s branches are run by their ‘owner-managers’, who are effectively small business owners. Most of BOQ’s loans are mortgages.
New CFO
Bank of Queensland chief financial officer Matt Baxby has announced his departure, hot on the heels of BOQ announcing they had appointed a new Chief Executive Officer (CEO).
Mr Baxby will depart after the full-year results in October, one month after new CEO George Frazis begins his role in September. In the announcement, BOQ said Mr Baxby had “decided to pursue other leadership opportunities” and thanked him for his seven years of service.
“Matt has made a significant contribution during his seven years with the group, including six years as group executive retail banking and the past 12 months as chief financial officer,” said chairman Roger Davis, who is also stepping down in October.
BOQ said it will conduct a comprehensive search for its new CFO.
A tough year for shareholders
That’s a lot of turnover at the top, with arguably the 3 most important positions in a company (CEO, CFO and Chairman) all recently resigning.
The share price has struggled in the last 12 months, down 7.5% on a rolling one-year basis, excluding dividends. Also, BOQ cut its interim payout in April after an 8% slide in first-half earnings to $167 million, which was below analyst expectations.
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Disclosure: At the time of writing David does not have a financial interest in any of the companies mentioned.