Bank of Queensland CEO resigns
Bank of Queensland (BOQ) managing director and chief executive officer Stuart Grimshaw has resigned, an Australian Securities Exchange announcement said.
Chairman Roger Davis said the board was disappointed over the resignation but said it understood Grimshaw was pursuing non-banking opportunities outside Australia.
"When Stuart joined, BOQ's market capitalisation was $1.9 billion and he leaves having built a business capitalised at $4.4 billion and having generated total shareholder returns of around 75 per cent," Davis said.
Grimshaw will leave BOQ at the end of August.
He said he was happy with BOQ's advocacy to "create a level playing field through the Financial System Inquiry".
Chief operating officer Jon Sutton will replace Grimshaw as acting CEO from 1 September, while the board conducts and internal and external search for a new CEO.
Sutton joined BOQ as a COO in July 2012. He was at the Commonwealth Bank for 18 years, and was managing director of Bankwest for over three years.
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