BOQ’s search for a boss turns Allaway into the $1.5 million man
Bank of Queensland has yet to find a replacement for George Frazis and instead executive chair Patrick Allaway will take on the job with a healthy pay packet.
Bank of Queensland's profit plunged 70 per cent (Image: BOQ)
The company said the search for a long-term chief executive would continue and it would be looking at a “wider pool” of candidates.
Frazis was dumped by the company suddenly last year despite a successful takeover of ME Bank. However, there had been complaints about his management style.
In the meantime, Allaway would stand down from the chairman’s role and current non-executive director Warwick Negus would take the reins.
Allaway’s salary would be $1.5 million but the company said he would also have a ”total variable reward opportunity” of 170 per cent of his total salary in the form of performance shares and options.
The bank said Allaway’s appointment would provide stability and enable management to continue to deliver on its strategy.
Allaway’s term is limited to December 2024.
He said he was honored to take on the role.
“I will continue to lead by living our purpose and values and to progress out work to build an even better and stronger bank for our customers, our people and our shareholders,” he said.
“Our focus is strong financial resilience whilst simplifying our operations and digitising for our future state.
“We have made material progress in strengthrning our capital and liquidity position over the past six months and have maintained quality lending portfolios as we prepared for a more challenging economic environment.
“BOQ has several programs underway to improve the effectiveness of our control environment and organisational efficiency, building a leaner, more agile and digitally enabled bank.”
