(27 March 2023 – Australia) Bank of Queensland Limited (BoQ) has announced Executive Chairman and Acting CEO, Patrick Allaway, will become the group’s new Managing Director and CEO until the end of 2024.
Mr Allaway will relinquish his position on the board of directors while remaining in the CEO position until at least December 2024.
An international executive search firm identified several potential candidates to become CEO in place of outgoing George Frazis however the board opted to avoid further management instability.
Mr Allaway will be replaced as chairman of BoQ by former investment banker Warwick Negus, who has been on the BoQ board since 2021.
“I am honoured to serve BOQ stakeholders in my new role and to play a part in our 150-year history. I will continue to lead by living our purpose and values and to progress our work to build an even stronger and better bank for our customers, our people, and our shareholders. 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” Mr Allaway commented on his appointment.