In a speech to the bank’s annual general meeting this morning, executive chair Patrick Allaway also revealed Frazis had been warned that management of the bank needed to change.

“While we respect and acknowledge the contribution George Frazis made over his three years with BoQ, the board reached a conclusion that we need a different capability and leadership style to build a simpler, more resilient bank,” Allaway said.

“Our expectations, in respect of this, were made clear to George over a period of time.”

Allaway was asked by Australian Shareholder Association representative Kelly Buchanan when the revolving door of executives would “stop spinning” or at least slow down.

Allaway said the board was not comfortable with the number of executives who had left and it was “a very good question”.

“We have considered this (Frazis’s position) over a period of time,” he said.

However, it was considered that Frazis did not have the leadership style or skills to take the bank forward.

Allaway, who has stepped into the now-vacant chief executive role, said his intention was to return to a non-executive role as soon as a CEO was appointed.

“We anticipate the executive search and evaluation process, and commencement of the new managing director and CEO may take up to nine months,” he said.

To do the job, Allaway has stepped aside from his other roles on the Dexus and Allianz boards but would remain with Adobe Global Advisory, which has four meetings a year.

The bank has also added a new purpose to build social capital.

“The importance of supporting each other and our customers in doing the right thing and driving improved social and environmental outcomes has never been more critical,” Allaway said.

This meant “driving appropriate conduct” and “making a positive difference”.

“We are empowering our people and in doing so will hold them to account to deliver against our priorities,” he said.

Allaway said the bank was also reviewing its plans “to enable an increased investment in strengthening our control environment.

“While we are investing more in this area, and we are operating in a high inflation environment, we will remain focussed on overall cost discipline across the group,” he said.