Shareholders Demand Answers as BoQ CEO Departs Abruptly
(29 November 2022 – Australia) The search for a new chief executive officer (CEO is on at Bank of Queensland (BoQ) following the sudden departure of George Frazis.
BoQ Chair Patrick Allaway has assumed the role of executive chair role as the bank starts its domestic and international executive search. Allaway thanked Frazis for his brief tenure in CEO terms while pointing to the need for “a required change in leadership” many major stakeholders did not see coming.
While continued growth remained important and would be embedded in BoQ's strategy, new key areas of focus included strengthening the bank's financial and operational resilience, bolstering technology, optimising performance and continuing to embed its purpose. Frazis will receive his entitlements in accordance with the terms of his contract of employment.
The BoQ board anticipates the executive search and evaluation process, and commencement of the new managing director and chief executive will be completed by Q3 2023.
"George Frazis joined BOQ in September 2019 and has overseen a return to growth in all key channels across the bank, the successful acquisition and integration of ME Bank, as well as achieving strong progress in the bank's technology transformation. However, the board has formed a view that different leadership is now required to ensure BOQ can continue to build a stronger and more resilient bank through future cycles. We thank George for his significant contribution to BOQ over the past three years” Allaway commented.