Bank of Queensland appoints chairman Allaway as chief executive

(Reuters) – Bank of Queensland has appointed Executive Chairman Patrick Allaway as its chief executive officer, the company said on Monday.

Allaway will step down as chairman and will serve as CEO and managing director, effective Monday, until the end of 2024.

The local lender was left in leadership turmoil after former CEO George Frazis, who was previously a Westpac executive, exited the bank in late November 2022 in a surprise move.

“Allaway’s appointment will provide stability and continuity during this period, enabling the management team to continue delivering the company’s priorities,” the regional bank said in an exchange filing.

A search process for a long-term chief will continue while Allaway, who has served as a non-executive director for several companies, runs the bank over the next 21 months

Former investment banker Warwick Negus, who has served as a director at the bank since 2016, will succeed Allaway as chairman, the company said.

(Reporting by Rishav Chatterjee in Bengaluru; Editing by Cynthia Osterman and Bill Berkrot)