Grimshaw will leave BOQ at the end of August, with chief operating officer Jon Sutton taking over as acting CEO from 1 September 2014, while the board will begin conducting an internal and external search to permanently fill the position immediately.
Grimshaw has disclosed he will be taking up a non-banking opportunity outside Australia and expressed satisfaction in his achievements during his tenure, which began in November 2011.
“BOQ has significantly improved its business fundamentals, including repairing the balance sheet and instilling new risk disciplines,” says Grimshaw.
“A fundamental transformation is in full swing, ranging from the implementation of systems to help digitise our processes through to advocacy to create a level playing field through the financial system inquiry.”
Chairman Roger Davis says the departure is disappointing, but the team is grateful for the significant contribution Grimshaw has made to BOQ.
“When Stuart joined, BOQ’s market capitalisation was $1.9 billion and he leaves having built a business capitalised at $4.4 billion and having generated total shareholder returns of around 75 per cent,” says Davis.
He also says contingency plans will ensure the team will continue to carry on with the same strategy executed by Grimshaw.
“The executive team will continue to drive the business forward and deliver on our clear and simple four pillar strategy: placing the customer in charge, growing the right way, finding a better way, and being loved like no other.
“There are transparent targets in place around key metrics such as growth, costs and capital.”
Sutton has been in the capacity of chief operating officer since July 2012, coming from a managing director capacity at Bankwest and a string of executive roles at Commonwealth Bank before that, and has notable expertise in strategy.
His most recent projects have included the digitisation of BOQ lending and overseeing the BOQ Finance and St Andrew’s businesses.
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