Financial institution of Queensland chief George Frazis exits

Financial institution of Queensland chief government George Frazis is leaving the financial institution with speedy impact, with chairman Patrick Allaway to tackle new duties as government chairman till a brand new CEO is discovered.

The financial institution on Monday morning stated it will launch a home and world search to interchange Frazis, a former Westpac government who has led BOQ since 2019.

An announcement from Allaway stated the board had come to the view that “totally different management” was required, nevertheless it didn’t present a extra detailed clarification for the sudden departure of Frazis after solely three years as CEO.

BoQ’s outgoing chief government George Frazis.Credit score:Louie Douvis

“George Frazis joined BOQ in September 2019 and has overseen a return to development in all key channels throughout the financial institution, the profitable acquisition and integration of ME Financial institution, in addition to reaching robust progress within the financial institution’s expertise transformation,” Allaway stated.

“Nevertheless, the board has fashioned a view that totally different management is now required to make sure BOQ can proceed to construct a stronger and extra resilient financial institution by means of future cycles. We thank George for his vital contribution to BOQ over the past three years.

BOQ stated Frazis would obtain his entitlements in accordance together with his contract of employment. It stated Allaway’s appointment to government chairman was designed to retain stability on the financial institution.

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