Bank of Queensland Limited (ASX: BOQ) has appointed a former Westpac Banking Corp (ASX: WBC) executive as its new Managing Director and CEO. Here’s what you need to know.
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 CEO
BOQ has appointed Mr George Frazis as the new managing director and CEO, effective 5th September 2019.
Mr Frazis is leaving his role as Chief Executive of the Consumer Bank at Westpac, which he has held since June 2015. He was responsible for consumer distribution, marketing and banking products, among other tasks.
Mr Frazis has also previously held executive-level roles at National Australia Bank Ltd (ASX: NAB) and Commonwealth Bank of Australia (ASX: CBA).
BOQ Chairman Roger Davis and Chairman-Elect Patrick Allaway acknowledged that BOQ is at a critical point in its development.
“George is the right person to lead BOQ during one of the most transformative periods in the banking sector,” they said.
“There is a significant amount of work ahead, and with George at the helm, BOQ is well-positioned to achieve our strategic goals and deliver for our customers and shareholders.”
A New, Digital Direction
Mr Frazis said that the banking sector is in a period of disruption, and digital innovations will be key to BOQ’s future.
“The BOQ Board and I recognise the need to respond decisively to address the challenging environment facing BOQ, and indeed all banks,” he said.
“At the top of the list is to embrace digital innovation that recognises the future of banking lies in mobility and personalisation.”
Mr Frazis will receive fixed remuneration of $1.3 million per annum and will be eligible for an initial offer of Performance Award Rights equivalent in value to 100% of fixed remuneration.
Anthony Rose will continue as Interim CEO until 5th September when Mr Frazis begins.
BOQ has been looking for a new CEO since Jon Sutton resigned six months ago.
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Disclosure: At the time of writing, Max does not own shares in any of the companies mentioned.