BOQ updates on CEO search

Bank of Queensland (BOQ) has confirmed interim chief executive, Patrick Allaway, will continue in the role until December 2024, following the surprise departure of George Frazis after two years last November.

Frazis departed the bank with immediate effect last November after two years, and an international and domestic search began to fill his role. At the time, the firm felt different leadership was needed to build a stronger bank.

In the interim, the role was held by Patrick Allaway, who had been appointed chairman in October 2019. 
BOQ had now confirmed Allaway would take on the CEO role until December 2024, as well as the role of managing director. His total fixed remuneration for the roles would be $1.5 million per annum.

Warwick Negus would take over as chairman from 27 March 2023; he had sat on the board as a director since 2016. He was previously chief executive of Colonial First State Global Asset Management (CFSGAM).

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“Allaway’s appointment will provide stability and continuity during this period, enabling the management team to continue delivering BOQ’s priorities, as announced at the December 2022 AGM, of strengthening, simplifying, digitising and optimising BOQ,” the firm said in a statement to the Australian Securities Exchange (ASX).

“The search process for a long-term CEO will continue to allow further time for consideration of a pool of external candidates and the further development of internal candidates.”

Allaway added: “Our focus is strong financial resilience whilst simplifying our operations and digitising for our future state. We have made material progress in strengthening our capital and liquidity position over the past six months and have maintained quality lending portfolios as we prepare for a more challenging economic environment. 

“BOQ has several programs underway to improve the effectiveness of our control environment and organisational efficiency, building a leaner, more agile and digitally enabled bank.”