After six years of service as chairman of the Bank of Queensland (ASX: BOQ) Roger Davis (pictured) has resigned.
Davis has announced he will step down from the role following the release of BOQ's full year results in October 2019.
He will also step down from the board of BOQ in October 2019, meaning he will have served on the board for over 11 years by the time he officially resigns.
Patrick Allaway has been appointed as chairman elect in Davis' stead.
"It has been a privilege and honour to serve as chairman of the board over these past six years during which we have seen enormous regulatory, technological and economic change," says Davis.
"I believe now is the appropriate time to transition to a new chairman and continue with the board renewal process. I am also delighted with the board's selection of Patrick Allaway as the next chairman who will facilitate BOQ's strategic agenda, including the ongoing digital transformation of the bank."
Allaway brings more than 30 years' of experience in the financial services sector, including roles with Citibank and Swiss Bank Corporation (now UBS).
The chairman elect was managing director of SBC Capital Markets & Treasury with direct responsibility for a global business operating in 16 countries.
He is also currently a non-executive director of Nine Entertainment and Domain, and has previously served on the boards of Macquarie Goodman Industrial Trust, Metcash, and Woolworths South Africa.
The company is still in the process of selecting a new managing director & CEO for BOQ.
Davis' resignation follows a challenging half for BOQ, reporting an 8 per cent dip in cash earnings to $167 million and statutory NPAT down 10 per cent to $156 million.
Revenue was down slightly by 2 per cent to $544 million.
At the time, interim CEO Anthony Rose blamed the industry-wide impact of the Royal Commission.
Following a heart operation earlier in 2018 former CEO Jon Sutton resigned in December 2018 to focus on his long-term health.
His resignation was quickly followed by the resignation of group executive Brendan White.
White stepped down to take on the role of chief executive at Cash Converters.
Shares in BOQ are up 0.49 per cent to $9.28 per share at 11.19am AEST.
Business News Australia
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