Four months after dumping CEO George Frazis, Bank of Queensland chairman Patrick Allaway is leaving the board to become CEO.
Bank of Queensland has appointed executive chairman Patrick Allaway as chief executive to replace George Frazis, who was forced out of the regional bank
Mr Allaway will be replaced as chairman of BoQ by former investment banker Warwick Negus, who has been on the BoQ board since 2021.Mr Negus, who worked at Goldman Sachs before becoming CEO of Colonial First State Global Asset Management and later CEO of 452 Capital, is chairman of Dexus and Pengana Capital Group.
Taking on the position as CEO should give Mr Allaway time to nurture talent within the bank and possibly avoid the appointment of an outsider to the top job. BoQ’s shares have been under pressure this year. They have fallen 22 per cent to $6.40, but are still above the low of $4.57 witnessed early in the COVID-19 pandemic.which was one of the key reasons given for the decision to jettison Mr Frazis.At the time, Mr Allaway said: “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”..
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