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

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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.

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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.

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