Bank of Queensland Cleanout Continues With CFO Departure

By Glenn Dyer | More Articles by Glenn Dyer

The clean out of executives at the Bank of Queensland has started in the wake of the appointment of a new CEO in the shape of former senior Westpac executive, George Frazis as CEO.

Long-serving executive and Chief Financial Officer, Matt Baxby is resigning “to pursue other leadership opportunities,” according to B0Q.

That news came two weeks after the lender appointed George Frazis as its next chief executive.

Mr. Baxby has been CFO of the regional bank for the last year, and before that was a group executive in charge of retail banking.

A former Virgin executive, Mr. Baxby played a key role in the purchase of the Virgin Money brand in Australia,

“Matt has made a significant contribution during his seven years with the Group, including six years as Group Executive Retail Banking and the past 12 months as Chief Financial Officer,” chairman Roger Davis said who himself is stepping down soon.

Mr. Baxby is the latest senior executive in the regional banking sector to depart, following earlier resignations of Suncorp CEO Michael Cameron, and the appointment of new chairmen at BOQ and Bendigo and Adelaide Bank. Both the chairs of BoQ and Bendigo and Adelaide are stepping down after long service on the respective bank boards.

Mr. Cameron is leaving because of some sort of disagreement over strategy with the board.

Bank of Queensland shares eased 0.2% to $9.58 yesterday.

Glenn Dyer

About Glenn Dyer

Glenn Dyer has been a finance journalist and TV producer for more than 40 years. He has worked at Maxwell Newton Publications, Queensland Newspapers, AAP, The Australian Financial Review, The Nine Network and Crikey.

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