In a statement to the ASX today, the bank has announced that Mr Grimshaw will leave the company at the end of August, with current chief operating officer Jon Sutton to take up the role of acting CEO from September.
The BOQ board will begin undertaking an internal and external search for a replacement full-time CEO and MD.
“The board would like to thank Stuart for the significant contribution he has made to BOQ since November 2011,” said BOQ chairman Roger Davis.
“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.”
Mr Grimshaw listed advocacy of a more “even playing field” in the Australian banking system, through consultations with the Financial System Inquiry, among his most noteworthy achievements.
