Bank of Queensland (ASX:BOQ) announces CEO exit, shares fall

November 27, 2022 07:24 PM PST | By Tamnna

Bank of Queensland (ASX:BOQ) announces CEO exit, shares fall — Image source: © Tktktk | Megapixl.com

Why is the Bank of Queensland CEO leaving?

According to the ASX filing, George has worked for Bank of Queensland for the past three years and has significantly contributed to the company's growth. The BOQ board, however, feels that the organisation should now be led by "different leadership" in order to establish a stronger and more resilient bank through upcoming cycles.

As stated in the ASX report, BOQ chairman Patrick Allaway has assumed the position of executive chairman for the duration of the CEO search. Karen Penrose, a current BOQ non-executive director, will serve as the leading independent director during this time.

The sudden exit of Mr Frazis pushed the BOQ board to appoint Mr Allaway as executive chairman so that the senior leadership team could maintain stability while remaining focused on their current positions and responsibilities.

Commenting on the news, Patrick Allaway said:

Data Source: Company announcement dated 28 November 2022

What’s next for the Bank of Queensland?

Along with releasing the CEO exit news, Bank of Queensland also mapped out its key areas of focus for the future:

As the world is heading into challenging economic cycles, the Bank of Queensland will focus on strengthening its financial and operational resilience.
The bank suggested collaborating with regulators in advance maturity in risk behaviours and architecture to support its management structure and processes.
To enhance both the customer and employee experience, BOQ is concentrated on creating a cloud-based, data-driven, scalable bank.
BOQ expects technological transformation to assist in getting rid of numerous complex legacy systems while reducing its dependency on manual procedures.

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