In an update to the market today Bank of Queensland Limited (ASX: BOQ) announced the resignation of its CEO Jon Sutton.
However, while the markets rarely like change, it appears a better explanation for today’s share price fall is the market’s broad-based sell-down. The S&P/ASX 200 (INDEXASX: XJO) (^AXJO) is trending sharply lower in early trade.
Who is BOQ?
BOQ is one of Australia’s leading ‘regional’ banks with more than 180 branches throughout Australia. Unlike most other banks, many of BOQ’s branches are run by their ‘owner-managers’, who are effectively small business owners. Most of BOQ’s loans are mortgages.
Jon Sutton has been with BOQ for six years and will retire to, “focus on his long-term health following a heart operation earlier this year”, according to the company.
“We understand and respect Jon’s decision to resign now, so as to focus on his health and be in great shape to return to corporate life when it makes sense for Jon and his family,” BOQ Chairman Roger Davis said.
Sutton said he made the decision for his long-term health.
“In February I underwent emergency surgery for a triple heart bypass,” Sutton noted in a market release. “In the interest of stability, I felt it was important for me to return to lead the business throughout 2018, but the time is now right to look after my health and BOQ has been understanding of that.”
BOQ’s current Chief Operating Officer (COO) Anthony Rose will take the helms as the bank’s new CEO. Rose joined BOQ as Chief Financial Offer (CFO) in 2012 and is a chartered accountant.
“I wish BOQ and everyone who works in and around our business, our branch owners and customers every success for the future,” Sutton concluded.
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Disclaimer: Any information contained in this article is limited to general financial/investment advice only. The information has not taken into account your specific needs, goals or objectives, so please consider consulting a licenced and trusted adviser before acting on the information. Please read The Rask Group’s Financial Services Guide (FSG) for more information. This article is authorised by Owen Raszkiewicz of The Rask Group, which is a corporate authorised representative No. 1264179 of Strawman Pty Ltd (ACN: 610 908 211) (AFSL: 501 223).