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(Reuters) – The company said on Monday that Bank of Queensland has appointed chief executive Patrick Alaway as its chief executive officer.
Allaway will step down as chairman of the board and will serve as chief executive officer and managing director, effective Monday, through the end of 2024.
The local lender has been in driving turmoil after former CEO George Frazes, once a Westpac executive, left the bank in late November 2022 in a surprise move.
“Allaway’s appointment will provide stability and continuity during this period, which will enable the management team to continue to deliver on the company’s priorities,” the regional bank said in the exchange filing.
The search for a long-term chairman will continue while Allaway, who has served as a non-executive director for several companies, will run the bank for the next 21 months.
The company said former investment banker Warwick Negus, who has served as a director at the bank since 2016, will succeed Allaway as chairman.
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