Bank of Queensland (ASX:BOQ) share price dips amid new key appointments

The bank is bolstering its leadership team but that doesn’t seem to have got investors excited

| More on:
Older businessman sits slumped with head down and hands on either side of his head.

Image source: Getty Images

The Bank of Queensland Ltd (ASX: BOQ) share price is starting the day off in the red today. This comes despite the regional bank announcing a reshuffle of its management team.

At the time of writing, Bank of Queensland shares are swapping hands for $9.03, down 1.42%. For context, the S&P/ASX 200 Index (ASX: XJO) is also in the red today, currently down by 0.22%. The big four banks, as well as the financials sector in general, are also underperforming the ASX 200 on Tuesday.

Let’s take a look at what Bank of Queensland announced this morning.

Key appointments

In a statement to the ASX, Bank of Queensland advised it has made two new executive appointments to its leadership team.

First, David Watts will become the bank’s new chief risk officer, effective in early 2022.

Bank of Queensland noted Watts brings more than 25 years of senior executive experience in financial services. This includes several appointments as a chief risk officer across leading Australian and New Zealand financial institutions.

Watts comes directly from Australia’s largest general insurer, Insurance Australia Group Ltd (ASX: IAG). He served as chief risk officer there from 2018. Prior to this, he held senior executive roles with National Australia Bank Ltd (ASX: NAB) and Westpac Banking Corp (ASX: WBC) for 17 years and 9 years, respectively.

Current chief risk officer Adam McAnalen will remain an executive within the group and will move to a new role. Bank of Queensland said, “the new position will lead key elements of the integration and transformation program”.

Furthermore, the company’s chief product officer Chris Screen will become group executive business banking.

Since joining in 2019, Screen has supported key turnaround programs and was the interim group executive for retail banking. He has extensive business banking experience and has held executive roles at WestpacSt. George, and NAB.

Screen’s appointment is effective from 1 October 2021.

Soon-to-be former executive Bank of Queensland executive Fiamma Morton will depart the company to pursue other opportunities.

About the Bank of Queensland share price

Over the last 12 months, Bank of Queensland shares have moved on an upwards trajectory, posting a gain of 60%. Year-to-date, its shares are hovering above the 20% mark.

Bank of Queensland presides a market capitalisation of roughly $5.9 billion and has approximately 640 million shares outstanding.

Should you invest $1,000 in Bank of Queensland right now?

Before you consider Bank of Queensland, you'll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now... and Bank of Queensland wasn't one of them.

The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of January 13th 2022

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Insurance Australia Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Market News

A male ASX 200 broker wearing a blue shirt and black tie holds one hand to his chin with the other arm crossed across his body as he watches stock prices on a digital screen while deep in thought
Share Market News

5 things to watch on the ASX 200 on Tuesday

Here's what to expect on the ASX 200 on Tuesday...

Read more »

Top 10 ASX 200 shares today
Share Market News

Here are the top 10 ASX shares today

Here are your top 10 biggest gainers in the ASX 200 on Monday.

Read more »

blue arrows representing a rising share price ASX 200
Share Market News

Here are the 3 most heavily traded ASX 200 shares on Monday

We take a look at the most traded ASX 200 shares by volume today.

Read more »

Model bear in front of falling line graph, cheap stocks, cheap ASX shares
Share Market News

These are the 10 most shorted ASX shares

Short sellers are currently targeting these ASX shares...

Read more »

a man weraing a suit sits nervously at his laptop computer biting into his clenched hand with nerves, and perhaps fear.
Cryptocurrencies

Can regulators prevent another US$45 billion crypto stablecoin meltdown?

Terra's LUNA token, meant to help its UST token remain pegged to the US dollar, has lost 99.99% of its…

Read more »

A male sharemarket analyst sits at his desk looking intently at his laptop with two other monitors next to him showing stock price movements
Share Market News

ASX 200 midday update: Brambles rockets, Goodman upgrades guidance

The ASX 200 is having a decent start to the week...

Read more »

Smiling man with phone in wheelchair watching stocks and trends on computer
Share Market News

5 things to watch on the ASX 200 on Monday

Here's what to expect on the ASX 200 on Monday...

Read more »

Family of four celebrating inside a grocery store or supermarket
Share Market News

4 ASX shares of the most trusted brands in Australia

Which companies are best placed to attract the hearts, minds and wallets of consumers as interest rates rise?

Read more »