Image Sourced ShutterStock
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Bank of Queensland Chief Financial Officer Matt Baxby has resigned
  • Matt will remain with the bank until its full 2019 yearly results in October to ensure a smooth transition for George Frazis’ new role as Managing Director and CEO in September
  • The Bank of Queensland will now join ANZ New Zealand, Suncorp and NAB in searching for new additions to their top leadership teams
  • Bank of Queensland shares are down 0.63 per cent today, trading at $9.54 each

Bank of Queensland (BOQ) Chief Financial Officer Matt Baxby is contributing to the string of big bank leadership changes after announcing his resignation today.

Matt will remain with the bank until its full-year results in October this year, which BOQ management says will help ensure a smooth transition for the start of George Frazis’ new role as Managing Director and CEO on 5 September. Previous CEO Jon Sutton resigned late last year to focus on his long-term health following a heart operation.

Matt has reportedly made his decision to resign in order to pursue other leadership opportunities.

“My time at BOQ has been incredibly rewarding and the highlights include overseeing the successful acquisition of Virgin Money, diversification by geography and channels of the Retail Bank, and more recently assuming the role of CFO to broaden my experience across the Group,” he said.

BOQ Chairman Roger Davis spoke highly of Matt, and said in Matt’s seven years with the company he was able to make a significant contribution.

“After almost 10 years at Virgin Group, Matt joined BOQ in 2012 and was instrumental in BOQ acquiring Virgin Money in 2013. Since the acquisition, Virgin Money has continued to grow and diversify its product offerings as a challenger brand. The Board thanks Matt and wishes him all the best in the next chapter of his career,” Roger said.

The Bank of Queensland will now join several other big banks in searching for new additions to their top leadership team.

ANZ New Zealand’s CEO resigned just last week, with the bank’s board citing ongoing health issues and scrutiny into the nature of his personal expenses as key reasons leading to the decision.

Suncorp CEO Michael Cameron stepped down last month after the board decided it was the right time for a change. NAB is also still on the lookout for a new CEO after Andrew Thorburn stepped down in light of criticism from royal commissioner Kenneth Hayne.

BOQ shares opened five cents higher than yesterday’s closing price of $9.60 despite Matt Baxby’s resignation, but have since dropped a slight 0.63 per cent to $9.54 per share in a $3.88 billion market cap.

BOQ by the numbers
More From The Market Herald

" APA Group (ASX:APA) to expand east coast gas grid, partners with Origin Energy (ASX:ORG)

Gas operator APA Group (ASX:APA) has partnered with Origin Energy (ASX:ORG) and inked a deal to…

" ASIC sues ANZ (ASX:ANZ) for credit law breaches under home loan introduction program

The corporate watchdog is suing big-four bank ANZ (ASX:ANZ) for breaching the Credit Act through its…

" ANZ (ASX:ANZ) posts 10pc half-yearly profit increase

Banking giant ANZ (ASX:ANZ) has posted a 10 per cent increase in statutory profit after tax…

" ANZ (ASX:ANZ) names Paul O’Sullivan as new Chairman

Banking giant ANZ (ASX:ANZ) has announced that Paul O’Sullivan will succeed David Gonski as the company’s…