June 5, 2019 / 10:42 PM / 5 months ago

Australia's Bank of Queensland appoints outgoing Westpac executive as CEO

(Reuters) - Australia’s Bank of Queensland on Thursday named George Frazis, outgoing head of consumer banking at Westpac Banking Corp, as its chief executive and managing director.

Frazis’s departure from Australia’s second biggest lender was announced in March as a part of a wider shake up. Frazis spent 10 years at Westpac and also held the role of chief executive of its operations in New Zealand.

“The BOQ board and I recognize the need to respond decisively to address the challenging environment facing BOQ, and indeed all banks,” Frazis said in a statement.

The Brisbane-based lender in April cut its interim dividend and flagged a challenging second half, after posting an 8% drop in its first-half cash earnings as it deals with the fallout from a powerful inquiry into financial sector misconducts.

Frazis will begin his role on Sept. 5, replacing former CEO and managing director Jon Sutton who resigned in December after six years with the lender to focus on his health.

The company said in a statement Anthony Rose will continue as interim CEO until Frazis commences his new role.

Reporting by Shriya Ramakrishnan in Bengaluru; editing by Richard Pullin

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