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Bank of Queensland (ASX: BOQ) announced today it has split ways with managing director and CEO George Frazis, with the search for a new top boss already in progress.
Prior to his three-year tenure at BOQ, Frazis had spent a decade in executive roles at Westpac Group (ASX: WBC), including chief executive of Westpac's Consumer Bank which accounts for the majority of the group's revenue, as well as CEO positions with its subsidiaries St George Banking Group and Westpac New Zealand.
Frazis was the successor of Jon Sutton, who resigned from his position as BOQ’s CEO in December 2018 to focus on his long-term health following a triple heart bypass.
“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,” said BOQ chairman Patrick Allaway, who has taken on the role of executive chairman while the company searches for its new CEO.
BoQ was able to double the size of its retail offering after acquiring ME Bank for $1.33 billion last year in a deal that was completed in June 2021.
“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,” Allaway said.
“We thank George for his significant contribution to BOQ over the past three years.”
BOQ noted its asset quality, capital and liquidity buffers remain sound.
“Heading into a more challenging economic cycle, the bank will prioritise further strengthening our financial and operational resilience,” BOQ said.
“In doing so we will continue to work with regulators in advancing maturity in risk behaviours and architecture to strengthen its management framework and practices, including BOQ’s control environment in respect of non-financial risk.”
Current BOQ non-executive director Karen Penrose will be the lead independent director during the executive search.
The news of Frazis’ departure comes a few days after former BOQ CEO David Liddy was announced as the new chairman of embattled Brisbane-based gift card provider EML Payments.
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