Bank of Queensland Ltd (ASX: BOQ) shares are trading lower on Wednesday.
At the time of writing, the regional bank's shares are down almost 1% to $6.85.
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What did Bank of Queensland announce?
This morning, Bank of Queensland revealed that its CEO, Patrick Allaway, is stepping down from the role next month on 28 February.
Allaway was appointed as the bank's non-executive director and chair in 2019, before transitioning to the CEO role in 2023. That appointment was made to address regulatory challenges and required transformation, providing leadership and stability while developing internal succession.
Commenting on his exit, Allaway said:
It has been an honour to lead BOQ as the Chair of the Board and subsequently its CEO, at the Board's request. While returning to an executive role was not in my plans, I have worked to stabilise and strengthen BOQ by progressing work to respond to two Enforceable Undertakings and address the impact of market structural shifts.
New CEO appointed
The good news is that a replacement has already been found and is coming from within.
According to the release, experienced banking and financial services executive Rod Finch will become Bank of Queensland's CEO and managing director from 1 March 2026.
Finch has served as the bank's chief transformation and operations officer since 2023. He has more than 20 years' experience in the financial services industry, with a track record of delivery across customer, product, strategy and transformation roles within Australia and the United Kingdom.
Bank of Queensland's chair, Andrew Fraser, said:
As a key leader of BOQ, Rod's appointment will ensure we maintain momentum in executing our strategy to become a simpler, specialist bank with improved performance for customers and shareholders. Rod's executive leadership of BOQ's strategy and transformation priorities provides leadership continuity at a pivotal stage for BOQ Group. During his tenure at BOQ, Rod has led the digital transformation and the program to uplift operational and risk performance.
Rod Finch appears up for the challenge of leading the bank. He commented:
I am honoured to be appointed CEO and grateful for the trust the Board has placed in me. I look forward to leading the organisation, building on the strategic transformation initiated by Patrick to improve outcomes for our customers, shareholders and the communities we serve.
Bank of Queensland shares are down 1% over the past 12 months compared to a 6.5% gain by the ASX 200 index.
