BOQ loses second senior executive in consecutive days

Written on the 6 December 2018 by Ben Hall

BOQ loses second senior executive in consecutive days

The Bank of Queensland (ASX: BOQ) has lost its second senior executive in as many days, with the resignation of group executive of BOQ business Brendan White.

White's departure follows Wednesday's announcement that CEO Jon Sutton would stand down to focus on his long-term health after he underwent an emergency surgery for a triple heart bypass in February.

The bank's current chief operating officer Anthony Rose will take on the interim CEO role while national and international executive search for a replacement for Sutton takes place.

Brendan White (pictured) is resigning to become chief executive of Cash Converters.

"I know that I will be leaving BOQ Business in great shape, and look forward to taking on fresh challenges in my new role," White says.

White's notice period extends until March 2019, and he will then replace former Cash Converters chief executive Mark Reid, who resigned in August after 15 years.

White is the second BOQ senior executive to depart the bank for short-term lender and pawnbroker Cash Converters in the past four years.

In 2014, Stuart Grimshaw resigned as BOQ CEO and MD and he became executive chairman of Cash Converters in 2015.

Grimshaw is now CEO of the Texas-based pawn shop operator EZCorp (NASDAQ: EZPW), which has Cash Converters as one of its brands. Grimshaw remains as chairman of Cash Converters.

It's believed Grimshaw was responsible for luring White into the business and it's the second time he's hired him. Grimshaw recruited White to BOQ from the Commonwealth Bank.

EZCorp was formed in 1989 with 16 pawn stores and is now a leading provider of pawn loans in the United States and Latin America. EZCorp holds a controlling stake in the Perth-based Cash Converters.

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Author: Ben Hall

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