BOQ CFO resigns as C-Suite shake-up continues

BOQ CFO resigns as C-Suite shake-up continues

Another Bank of Queensland (BOQ) executive is heading for the exits following the resignation of chairman Roger Davis and the appointment of new CEO George Frazis.

The Brisbane-based bank today announced chief financial officer Matt Baxby has resigned to pursue other leadership opportunities.

Like the outgoing chairman, he will step down from the role after the company announces its full year results in October.

Davis says Baxby has made a significant contribution during his seven years with the group, including six years as group executive for retail banking before he was given the CFO role a year ago.

"After almost 10 years at Virgin Group, Matt joined BOQ in 2012 and was instrumental in BOQ acquiring Virgin Money in 2013," says Davis.

"Since the acquisition, Virgin Money has continued to grow and diversify its product offerings as a challenger brand. The Board thanks Matt and wishes him all the best in the next chapter of his career."

Outgoing CFO Matt Baxby

A comprehensive search for Baxby's replacement is set to take place, with his notice period ending 31 December.

"My time at BOQ has been incredibly rewarding and the highlights include overseeing the successful acquisition of Virgin Money, diversification by geography and channels of the Retail Bank, and more recently assuming the role of CFO to broaden my experience across the Group," says Baxby. 

The bank had a challenging first half with NPAT down 10 per cent to $156 million - a result that was blamed on the industry-wide impact of the Royal Commission as well as the level of returns and customer acquisition for its retail banking division.

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