BOQ CEO RESIGNS

Written on the 13 August 2014

BOQ CEO RESIGNS BANK of Queensland (ASX: BOQ) chief executive officer and managing director Stuart Grimshaw (pictured) has announced his resignation from the company.

Grimshaw will leave BOQ at the end of August, with chief operating officer Jon Sutton taking over as acting CEO from 1 September 2014, while the board will begin conducting an internal and external search to permanently fill the position immediately.

Grimshaw has disclosed he will be taking up a non-banking opportunity outside Australia and expressed satisfaction in his achievements during his tenure, which began in November 2011.

“BOQ has significantly improved its business fundamentals, including repairing the balance sheet and instilling new risk disciplines,” says Grimshaw.

“A fundamental transformation is in full swing, ranging from the implementation of systems to help digitise our processes through to advocacy to create a level playing field through the financial system inquiry.”

Chairman Roger Davis says the departure is disappointing, but the team is grateful for the significant contribution Grimshaw has made to BOQ.

“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,” says Davis.

He also says contingency plans will ensure the team will continue to carry on with the same strategy executed by Grimshaw.

“The executive team will continue to drive the business forward and deliver on our clear and simple four pillar strategy: placing the customer in charge, growing the right way, finding a better way, and being loved like no other.

“There are transparent targets in place around key metrics such as growth, costs and capital.”

Sutton has been in the capacity of chief operating officer since July 2012, coming from a managing director capacity at Bankwest and a string of executive roles at Commonwealth Bank before that, and has notable expertise in strategy.

His most recent projects have included the digitisation of BOQ lending and overseeing the BOQ Finance and St Andrew’s businesses.



Latest News

OROTON GOES CLICKS AND BRICKS AS PROFITS SLIDE

TWO former Aussie lawyers have turned their passion for fashion into a $15 million dollar international business six ...

MANTRA'S SHARE PRICE SURGE INDICATES 'SUITORS ARE CIRCLING' THE HOTEL GROUP

THE rumour mill surrounding a high-level takeover of Mantra Group (ASX: MTR) is in full production with its shares su...

MELBOURNE CBD GEMS SELL FOR $17 MILLION, MARKING A NEW PROPERTY HOTSPOT

LITTLE Lonsdale Street in the heart of Melbourne's CBD has become a favourite for investors in 2017, following th...

CAN GOOGLE RECOVER FROM GLOBAL CONTROVERSY OVER ITS PROGRAMMATIC ADVERTISING SYSTEM?

IT'S the story that has rocked the world of advertising. The lucrative Google (NASDAQ: GOOGL) advertising system ...

Related News

RAY OF HOPE FOR SLATER AND GORDON AS LENDERS STEP IN

EMBATTLED law firm Slater and Gordon (ASX: SGH) has announced to the ASX that it has launched confidential discussion...

SPROUTX PROVIDES THE SEED FOR AGTECH STARTUPS

AGTECH innovation fund SproutX has opened applications for its first accelerator round, backed by $10 million from...

GAS PRICES MAY FORCE BRICKWORKS TO TAKE MANUFACTURING OVERSEAS

BRICKWORKS Limited (ASX:BKW) chairman Robert Millner says soaring energy prices may force the company to turn to offs...

CHINA CONTINUES TO COLLECT AUSSIE PROPERTY ASSETS

CHINESE coin continues to dominate Australia's offshore real estate investment market, accounting for almost h...

EVENTS COMING UP

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter