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Bank of Queensland share price higher despite chairman resignation

In morning trade the Bank of Queensland Limited (ASX: BOQ) share price has pushed higher after announcing a change of chairman and reaffirming its guidance.

At the time of writing the regional bank’s shares are up 1% to $9.33.

What did Bank of Queensland announce?

According to the release, Roger Davis will retire as chairman and from the board following the release of the bank’s full year results in October 2019. Mr Davis was appointed to the Bank of Queensland board in August 2008 and has served as its chairman since May 2013.

Commenting on his exit, Mr Davis said: “It has been a privilege and honour to serve as Chairman of the Board over these past six years during which we have seen enormous regulatory, technological and economic change. I believe now is the appropriate time to transition to a new Chairman and continue with the Board renewal process.”

Patrick Allaway has been appointed as chairman elect. Mr Davis advised that he was “delighted with the Board’s selection of Patrick Allaway as the next Chairman who will facilitate BOQ’s strategic agenda, including the ongoing digital transformation of the bank.”

Mr Allaway appears to be a good fit for the job. The release explains that he has more than 30 years’ experience in financial services across financial markets, capital markets, and corporate advisory. This includes an advisory role in the media sector, responding to considerable digital disruption.

This is just the latest in a wide range of changes at the bank. Late last year Jon Sutton resigned as managing director and CEO for health reasons. He was replaced on an interim basis by the bank’s chief operating officer, Anthony Rose. This morning the company advised that the search for a new CEO was “very well advanced”.

Elsewhere in the banking sector, general market weakness has dragged the shares of Australia and New Zealand Banking Group (ASX: ANZ) and Commonwealth Bank of Australia (ASX: CBA) lower this morning.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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