Bank of Queensland chief executive George Frazis is leaving the bank with immediate effect, with chairman Patrick Allaway to take on new responsibilities as executive chairman until a new CEO is found.
The bank on Monday morning said it would launch a domestic and global search to replace Frazis, a former Westpac executive who has led BOQ since 2019.
A statement from Allaway said the board had come to the view that “different leadership” was required, but it did not provide a more detailed explanation for the sudden departure of Frazis after only three years as CEO.
BoQ’s outgoing chief executive George Frazis.Credit:Louie Douvis
“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.
“However, 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. We thank George for his significant contribution to BOQ over the last three years.
BOQ said Frazis would receive his entitlements in accordance with his contract of employment. It said Allaway’s appointment to executive chairman was designed to retain stability at the bank.
More to come
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