Bank of Queensland (BOQ) has announced that managing director and interim chief executive officer (CEO), Mr Allaway, will continue in his role and that the search process for a new CEO has been discontinued.
The bank first confirmed his appointment in March, revealing he would step down as chairman and take on the new role for the period up to December 2024.
At the time, BOQ said it would allow further time to consider a wider pool of external candidates and further develop internal candidates while the search for a long-term CEO continued.
According to the bank, the rationale behind making Mr Allaway’s acting role permanent was a means to uphold stability and continuity, “supporting the seamless delivery of our strategic priorities to build a stronger, simpler and cost-effective digitally enabled bank”.
Warwick Negus, who was appointed chairman following Mr Allaway’s departure from the role, said: “The board is delighted to affirm Patrick’s position as CEO.”
“The leadership energy and commitment he has shown in his position has revitalised our team, brought clarity to our goals and will serve BOQ well as we further strengthen and simplify our operations in the years ahead.”
Mr Allaway added, “I am honoured to continue leading BOQ through our transformation to address our structural challenges as a mid-tier bank and deliver a competitive and sustainable model with improved outcomes for customers, people, and shareholders.
“I recognise that this will not be easy, requiring unwavering commitment to the disciplined execution of our strategic priorities and embracing our integrated risk program to build a better bank.”
His appointment comes after BOQ’s previous CEO, George Frazis, departed in November 2022 after the board pinpointed a need for “different leadership”.
“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,” Mr Allaway said at the time.
“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 past three years.”