BOQ has announced that it will welcome a new managing director and CEO in September, after appointing the former CEO of the consumer bank of Westpac.
Mr Frazis will take over the role from Anthony Rose, who stepped in as interim CEO after BOQ’s former CEO, Jon Sutton, resigned last year to focus on his long-term health, following a heart operation.
Mr Rose will continue as interim CEO until handover.
According to BOQ chairman Roger Davis and chairman-elect Patrick Allaway, the incoming CEO’s experience in retail banking, transformation and “strategic acumen” make him “a great fit” for BOQ.
The former Westpac CEO previously had responsibility for consumer distribution, digital, marketing, transformation and banking products and services for Westpac, St George, Bank SA, Bank of Melbourne and RAMS.
In a joint statement, Mr Davis and Mr Allaway said: “We are delighted to have George joining BOQ from his immediate prior role as chief executive of the consumer bank at Westpac.
“George brings a wealth of experience that will drive Bank of Queensland’s future direction and build on the work already commenced by the management team,” they said.
Welcoming Mr Frazis’ “strong and demonstrated risk management focus”, the chairman and chairman-elect said that the new MD and CEO was “committed to acting in the best interests of customers, including improving transparency and advocating for higher standards of fairness”.
“George is the right person to lead BOQ during one of the most transformative periods in the banking sector. There is a significant amount of work ahead, and with George at the helm, BOQ is well positioned to achieve our strategic goals and deliver for our customers and shareholders,” they said.
Speaking of his appointment, Mr Frazis said: “Disruption across the industry is moving at pace.
“The BOQ board and I recognise the need to respond decisively to address the challenging environment facing BOQ, and indeed all banks. However, those circumstances present many opportunities for a bank [that] is customer-focused and can move quickly to deliver a point of difference.”
The incoming BOQ CEO said that he would be prioritising “digital innovation that recognises the future of banking lies in mobility and personalisation”.
“I look forward to working hand in hand with the BOQ executive team and the board as we drive the necessary functional and cultural changes essential to delivering a better customer experience and improving BOQ’s long-term performance,” he said.
Mr Frazis has had a 17-year career in banking, with the last decade spent at the Westpac group.
He first joined Westpac in 2009 as chief executive of Westpac New Zealand before becoming CEO at St George Banking Group. His previous roles include senior executive positions at NAB, CBA and BCG. Mr Frazis began his career as an officer in the Royal Australian Air Force.
The BOQ board thanked Mr Rose for his dedicated leadership over the last six months and expressed appreciation for his his commitment to completing a seamless leadership transition over the remainder of this financial year.
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Annie Kane is the editor of The Adviser and Mortgage Business.
As well as writing about the Australian broking industry, the mortgage market, financial regulation, fintechs and the wider lending landscape – Annie is also the host of the Elite Broker and In Focus podcasts and The Adviser Live webcasts.
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