The Bank of Queensland Limited (BOQ) has announced the appointment of executive chairman Patrick Allaway to managing director and chief executive officer. Mr Allaway will step down as chairman and will take on the new role for the period up to December 2024.
Meanwhile, current non-executive director Warwick Negus has become chairman of the board and will be stepping down from a number of directorship positions he holds.
According to BOQ, Mr Allaway’s appointment will allow further time to consider a wider pool of external candidates and further develop internal candidates while the search for a long-term CEO continues.
The interim CEO will additionally enable the management team to continue delivering its priorities of strengthening, simplifying, digitising, and optimising BOQ.
Commenting on his new role, Mr Allaway said: “I am honoured to serve BOQ stakeholders in my new role and to play a part in our 150-year history. I will continue to lead by living our purpose and values and to progress our work to build an even stronger and better bank for our customers, our people, and our shareholders.
“Our focus is strong financial resilience whilst simplifying our operations and digitising for our future state. We have made material progress in strengthening our capital and liquidity position over the past six months and have maintained quality lending portfolios as we prepare for a more challenging economic environment.”
Mr Allaway concluded by hinting at several programs currently underway to improve the bank’s organisational efficiency and digital capacity.
Moreover, Mr Negus said it was a privilege to have been elected as chairman by his colleagues.
“BOQ has a rich history and a bright future, and the board is looking forward to supporting management in the coming years. We are focused on continuing to build a world-class experience for our customers and bankers backed by a strong and resilient balance sheet,” Mr Negus added.
He also extended his gratitude to Mr Allaway for his work as chairman, and said “I look forward to continuing to work with him and the BOQ team.”
Appointed as non-executive director of BOQ in 2016, Mr Negus has more than 30 years of finance industry experience across Asia, Europe, and Australia. His most recent executive roles include CEO of 452 Capital and CEO of Colonial First State Global Asset Management.