ROGER Davis (pictured) is Bank of Queensland’s (ASX: BOQ) next chairman and will take his place following the retirement of Neil Summerson, the company announced today.
The Rhodes Scholar, who has been a director at BOQ for eight years, achieves a long-term goal with his promotion after 32 years in the banking industry.
“I am delighted and honoured to follow Neil as a BOQ Chairman – as a career banker, it has been long been one of my goals to chair a bank,” says Davis.
Davis was previously a managing director at Citigroup where he worked for more than 20 years and more recently was a group managing director at ANZ Bank. He is a consulting director at Rothschild Australia Limited and is a director of AIG Australia, Argo Investments Limited, Ardent Leisure, Aristocrat Leisure and Territory Insurance Office and Trust Ltd.
Summerson’s 16 years at BOQ draws to a close on July 30, having announced intention to step aside at the Annual General Meeting in December. In his time at the bank, it has grown its asset base from $2 billion to $40 billon and increased its market capitalisation by ten times to $3 billion.
“Last year I said I would retire when the bank was delivering on its new strategy. I am confident we have reached that point and the time is right for new board leadership,” says Summerson.
“Like many banks BOQ has had its challenges, particularly since the GFC, but in recent years a new, more diverse management team has been put in place, the Bank’s balance sheet has been successfully restructured and we are making progress in reviewing and renewing our systems and processes."
Davis says the board and management team has worked hard to ensure BOQ is in a position to grow within the competitive Australian banking market.
“The results of those efforts are now beginning to emerge and I look forward to working with my board colleagues, Stuart (Grimshaw, CEO) and his executive team to ensure BOQ continues to offer a genuine and independent alternative to the major banks,” he says.
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