On December 5, 2018, Bank of Queensland (ASX: BOQ) came forward and made an announcement that its chief executive officer or CEO and managing director or MD has decided to resign from the organization. Jon Sutton had made a decision to step down after he had worked for the bank for six years. As per the press release which was issued today, Mr. Sutton would now be focusing towards health as he had already got his heart operated earlier. In the same press release which was issued, the bank has also made an announcement regarding the appointment of the interim CEO. The present chief operating officer or COO of Bank of Queensland named Anthony Rose has been appointed as the interim CEO.
The interim CEO which has been appointed had been serving Bank of Queensland from the past six years and thus, have garnered substantial experience of the bank. Additionally, he also has the experience of the banking space. The Bank of Queensland’s chairman stated that the decision taken by Mr. Sutton is reasonable and he needs to maintain the focus over health so that he can come to the corporate world as and when he, as well as his family, deems fit. Additionally, the chairman also reflected positive views in regard to the appointment of the interim CEO. He reflected confidence over the ability as well as the capability of the interim CEO. The knowledge and experience of Mr. Anthony Rose would be beneficial for Bank of Queensland.
Mr. Jon Sutton stated that the decision to step down from the designation of the MD and CEO was taken after having a word with the family. Mr. Sutton has dedicated numerous years towards the improvement of the banking services, and he stated that he would be happy to work in the banking space moving forward.
At the end of November 2018, Bank of Queensland has delivered a presentation related to its annual general meeting. As per the presentation, in FY 2018, the bank has witnessed a challenging environment. However, the presentation also stated that Bank of Queensland has managed to maintain a robust capital position. Additionally, the bank has also maintained its focus towards making deployments in the digital initiatives. Also, in FY 2018, the primary strength for Bank of Queensland happens to be its asset quality and the bank would be using its robust capital position towards the deployments which would be focused towards future. In FY 2018, Bank of Queensland witnessed the 2% growth (underlying) on the YoY basis in its revenues, and it has witnessed a rise in its net interest margins to 1.98% in the same period.
On December 5, 2018, the Bank of Queensland ended the session on the weaker note. The stock price of the bank closed at A$9.770 per share which represents that it has witnessed a decline of A$0.130 per share or 1.313%. The bank has an annual dividend yield of 7.68%.
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