Liddy to leave BOQ
Bank of Queensland (BOQ) managing director and chief executive David Liddy will not seek to extend his contract after it expires at the end of the year, according to BOQ chair Neil Summerson.
The announcement comes at a time when BOQ saw a disappointing half-year profit of $57.6 million. In a release to the Australian Securities Exchange, BOQ announced that its normalised cash net profit after tax was down 41 per cent, driven by increasing bad debts – although its underlying profit was up 14 per cent.
Summerson stated that Liddy was the longest serving chief executive in Australian banking. The board had commenced a formal search for his replacement and the early notice of his departure was to ensure a smooth and successful recruitment process, he said.
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