The Bank of Queensland (BOQ) has announced discontinuity in its CEO search and handed over the reins to existing leadership at the firm.
Managing director and interim CEO, Patrick Allaway, will now take on the role permanently.
Acting in the role since November last year following the surprise departure of George Frazis, Allaway had been a non-executive director since May 2019.
Earlier this year, the bank indicated Allaway would continue in the role until December 2024 as the CEO search carried on, but BOQ has now ended its recruitment process.
He was a chairman at the bank for three and a half years until March 2023, and the role has since been taken up by Warwick Negus, who retired from the Pengana board in order to focus on his BOQ role.
“The board is delighted to affirm Patrick’s position as CEO. The leadership energy and commitment he has shown in his position has revitalised our team, brought clarity to our goals, and will serve BOQ well as we further strengthen and simplify our operations in the years ahead,” Negus said.
As reiterated at the time, the firm believes that maintaining Allaway’s leadership position as chief executive will retain stability and continuity as it seeks to build a “stronger, simpler and cost-effective, digitally enabled bank.”
Commenting on the permanent role, Allaway said: “I am honoured to continue leading BOQ through our transformation to address our structural challenges as a mid-tier bank and deliver a competitive and sustainable model with improved outcomes for our customers, people and shareholders.
“I recognise that this will not be easy, requiring unwavering commitment to the disciplined execution of our strategic priorities, and embracing our integrated risk program to build a better bank.”
