Bank of Queensland CFO Ewen Stafford joins Loan Market Group, Racheal Kellaway appointed new CFO
Also in the period following Mr. Frazis’ arrival, Chief Risk Officer Adam McAnalen was replaced in the role by former IAG CRO David Watts, while Chief Client Officer Danielle Keighery, who joined Virgin, assumed corporate affairs responsibilities from Tanny Mangos.
Ms Keighery lasted a year before heading to Crown Resorts and the firm’s business portfolio fell under Sally Cray, who joined last month.
BoQ head of retail banking Lyn McGrath resigned and left in early 2021 and was replaced by Martine Jaeger, also from Westpac and friend of Mr Frazis, as chief executive of ME Bank.
But the unprecedented level of executive turnover hasn’t derailed the BoQ’s progress in capturing market share in mortgages, with data from APRA showing its lending growth for mortgages to investors and homeowners was second among major banks, behind Macquarie at 31.4% in the 12 months ended Dec. 31.
Mr Stafford, who was non-executive director of Loan Market from 2015 to 2018, will join the mortgage broker in an executive role, sources close to BoQ insisting there is no bad blood between him and Mr Frazis.
Chief Operating Officer, Paul Newham, will assume Mr. Stafford’s role as Chief Operating Officer and report to BoQ Chief Information Officer, Craig Ryman, who will assume responsibility for the bank’s operations.
The bank’s recovery strategy
In an internal memo to staff, Bank of Queensland chief executive George Frazis said Mr Stafford had been an integral part of the management team since joining in late 2019, with a key role in developing strategy. bank recovery.
“During his tenure, Ewen oversaw five consecutive periods of improved business performance, as well as the transformative $1.35 billion acquisition of ME Bank – a feat many in the market have told us. wouldn’t be possible,” Frazis said.
“Ewen’s dedicated leadership has allowed us to meet and exceed our critical integration goals, demonstrating to clients and investors that BOQ has the capability and strategy to deliver on our plans.”
Ms. Kellaway will be the first woman to serve as chief financial officer in BOQ’s 148-year history, subject to regulatory approvals.
Mr. Frazis would enjoy broad investor support for his ambitious transformation program, which involves transitioning the bank’s operations and services to the cloud in phases.
BoQ recently returned its Authorized Depository Institution license to ME Bank, a year after completing the acquisition and rolling out its new cloud-based application.
The BoQ will release its results next Thursday, with analysts seeking more information on how the bank will fare in a rising interest rate environment.
There will also be scrutiny of the BoQ’s net interest margins during the period of intense competition seen by rival banks, having grown its mortgage portfolio faster than the system.
Analysts and investors will be looking for signs that the transformation is being conducted responsibly, with costs under control and a positive revenue-to-expense growth ratio, especially given the growth in tech salaries over the past few years. last months.