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Bank of Queensland share price higher after naming its new CEO

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.”

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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.

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