Bank of Queensland (BOQ) chief executive George Frazis is leaving the bank with immediate effect, The Sydney Morning Herald has reported.
The bank confirmed Frazis’ exit on Monday morning and said it would launch a domestic and global search to replace him.
For now, BOQ Chairman Patrick Allaway will take on new responsibilities as Executive Chairman until a new CEO is found.
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.
“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 in his statement.
“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.”
BOQ said Frazis would receive his entitlements in accordance with his contract of employment.
Source: The Sydney Morning Herald.
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