BOQ names George Frazis as new CEO
6 June 2019, Written by David Simmons
The Bank of Queensland (ASX: BOQ) has appointed former Westpac executive George Frazis as its new CEO.
Frazis is the successor of Jon Sutton who resigned from the position in December 2018 to focus on his long-term health following a triple heart bypass.
The new CEO of BOQ comes with an impressive resume and 17 years of experience in the banking sector.
Immediately prior to taking up the top job at BOQ Frazis was the chief executive of the consumer bank at Westpac (ASX: WBC).
In that role Frazis had responsibility for distribution, digital, marketing, transformation and banking products and services for Westpac, St George, Bank SA, Bank of Melbourne, and RAMS.
He has also held roles in senior executive positions at NAB (ASX: NAB), the Commonwealth Bank (ASX: CBA), and Boston Consulting Group.
Frazis says he is prepared to guide BOQ through the choppy waters of the banking and finance sector.
"Disruption across the industry is moving at pace," says Frazis.
"The BOQ board and I recognise the need to respond decisively to address the challenging environment facing BOQ, and indeed all banks. However, those circumstances present many opportunities for a bank which is customer focussed and can move quickly to deliver a point of difference."
"At the top of the list is to embrace digital innovation that recognises the future of banking lies in mobility and personalisation."
Frazis will step into the role officially on 5 September 2019. Until then interim CEO Anthony Rose will continue to lead the bank.
As far as salary arrangements go Frazis is going to take home $1.3 million per annum as total fixed remuneration.
Chairman elect Patrick Allaway says Frazis is the right man for the top job at BOQ.
"George is the right person to lead BOQ during one of the most transformative periods in the banking sector," says Allaway.
"There is a significant amount of work ahead, and with George at the helm, BOQ is well-positioned to achieve our strategic goals and deliver for our customers and shareholders."
Frazis' appointment comes just over a week after BOQ chairman Roger Davis announced his resignation from the role.
Davis will step down in October 2019, meaning he will have served on the board for over 11 years.
The new CEO is inheriting a company facing some major challenges. At the end of the first half of FY19 BOQ reported an 8 per cent dip in cash earnings to $167 million and statutory NPAT was down 10 per cent to $165 million.
Revenue was down slightly by 2 per cent to $544 million.
At the time, interim CEO Anthony Rose blamed the industry-wide impact of the Royal Commission into the banking and finance sector.
Shares in BOQ are up 0.64 per cent to $9.41 per share at 10.25am AEST.
Business News Australia
Author: David Simmons