Bank of Queensland share price higher after naming its new CEO

The Bank of Queensland Limited (ASX:BOQ) share price has pushed higher on Thursday after naming its new CEO…

| More on:
a woman

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The Bank of Queensland Limited (ASX: BOQ) share price has pushed higher this morning after the regional bank named its new chief executive officer.

In morning trade the Bank of Queensland share price is up 0.5% to $9.39.

What was announced?

This morning the bank announced the appointment of George Frazis as its new managing director and chief executive officer, effective September 5 2019.

Mr Frazis appears to be a good fit for the bank and was most recently the chief executive of the Consumer Bank at Westpac Banking Corp (ASX: WBC).

With this role he was responsible for consumer distribution, digital, marketing, transformation and banking products and services for Westpac, St George, Bank SA, Bank of Melbourne, and RAMS.

Prior to that, throughout his 17-year career in banking, Mr Frazis has been the chief executive of Westpac New Zealand, the chief executive officer of Westpac's St George Bank, and held senior executive roles at both Commonwealth Bank of Australia (ASX: CBA) and National Australia Bank Ltd (ASX: NAB)

Bank of Queensland's chairman, Roger Davis, and chairman elect, Patrick Allaway, said they were "delighted" with the appointment.

They said "His experience in retail banking, transformation and strategic acumen make him a great fit for BOQ. George brings a wealth of experience that will drive Bank of Queensland's future direction and build on the work already commenced by the Management team."

Adding: "We welcome George's strong and demonstrated risk management focus. He is committed to acting in the best interests of customers, including improving transparency and advocating for higher standards of fairness."

Both agreed that Mr Frazis was the person to navigate the bank through "one of the most transformative periods in the banking sector" and believe the bank is well‐positioned to achieve its strategic goals with him at the helm.

Mr Frazis is certainly up for the challenge and sees opportunities for the bank.

He said: "Disruption across the industry is moving at pace. The BOQ Board and I recognise the need to respond decisively to address the challenging environment facing BOQ, and indeed all banks. However, those circumstances present many opportunities for a bank which is customer focussed and can move quickly to deliver a point of difference. At the top of the list is to embrace digital innovation that recognises the future of banking lies in mobility and personalisation."

Motley Fool contributor James Mickleboro owns Westpac shares. The Motley Fool Australia owns shares of National Australia Bank Limited. 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.

More on Bank Shares

A corporate female wearing glasses looks intently at a virtual reality screen with shapes and lights representing Block shares going up today
Bank Shares

Are Westpac shares a buy following the bank's big tech update?

Is now a good time to buy the banking giant's shares? Let's find out.

Read more »

Different Australian dollar notes in the palm of two hands, symbolising dividends.
Bank Shares

Own CBA shares? It's payday for you!

A dividend is heading to CBA shareholders’ bank accounts.

Read more »

A man holds his hand under his chin as he concentrates on his laptop screen and reads about the ANZ share price
Bank Shares

Are CBA shares really worth $120?

It has been a good year for ASX bank shareholders.

Read more »

a group of people sit around a computer in an office environment.
Bank Shares

Westpac shares push higher on $9.8b technology simplification plan

Westpac plans to spend big on technology to close the gap on its rivals.

Read more »

A worried woman looks at her phone and laptop, seeking ways to tighten her belt against inflation.
Economy

NAB boss issues dire prediction for Aussie economy

NAB’s CEO has issued a stark warning on the outlook for Australia’s economic growth.

Read more »

Contented looking man leans back in his chair at his desk and smiles.
Bank Shares

Own CBA shares? Here's the tech stock the banking giant just invested in

CBA has made an interesting investment. Here's what you need to know.

Read more »

A woman gives two fist pumps with a big smile as she learns of her windfall, sitting at her desk.
Bank Shares

ANZ shares charge higher on $57.5 million class action settlement news

ANZ shares have continued their positive run on Monday.

Read more »

Two people comparing and analysing material.
Bank Shares

Better buy: CBA or Westpac stock?

Which ASX bank share is a better buy?

Read more »