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Bank of Queensland share price higher despite announcing CFO resignation

The Bank of Queensland Limited (ASX: BOQ) share price has edged higher this morning despite announcing the exit of a key executive.

At the time of writing the regional banking giant’s shares are up 0.2% to $9.62.

What happened?

This morning Bank of Queensland announced the resignation of its chief financial officer, Matt Baxby.

According to the release, Mr Baxby has decided to pursue other leadership opportunities, but will remain with the bank until the release of its full year results in October 2019.

This will ensure a smooth transition following the commencement of its new managing director and CEO George Frazis in September.

The outgoing chief financial officer said: “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.”

The bank’s chairman, Roger Davis, said “Matt has made a significant contribution during his seven years with the Group, including six years as Group Executive Retail Banking and the past 12 months as Chief Financial Officer.”

He added: “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.”

The bank advised that it will now conduct a comprehensive search for a replacement chief financial officer.

Bank of Queensland isn’t the only bank currently searching for new additions to the C-suite. National Australia Bank Ltd (ASX: NAB) is still on the lookout for a new CEO, as is Suncorp Group Ltd (ASX: SUN) after Michael Cameron stepped down from the role at the end of last month.

And Australia and New Zealand Banking Group (ASX: ANZ) is looking for a new CEO for its ANZ New Zealand business after parting ways with David Hisco last week.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. 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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