BoQ exec calls it quits, leadership team shrinks to eight

afr.com:

Bank of Queensland boss Patrick Allaway has told staff he has shrunk the executive team by a third, and will further advance the bank’s simplification strategy, including “downsizing our property footprint” this year.

In an internal memo seen by AFR Weekend, Mr Allaway said chief operations officer Paul Newham had retired amid these changes. He isthe second high-ranking executive to leave within two months, and follows head of people and culture Debra Eckersley out the door.

The BoQ executive team has shrunk to eight people under Patrick Allaway’s regime from 12 under the previous CEO.  Dan Peled

Mr Allaway – the bank’s former chairman who took the reins earlier this year after a falling out with former chief executive George Frazis – said such changes would continue for the rest of this year.

“Over the remainder of the calendar year, we will continue our simplification initiative, finalising clear roles and accountabilities across every position in the organisation in line with the new operating model, downsizing our property footprint and reducing our third-party spend,” he said.

The executive team has shrunk from 12 people under Mr Frazis’ regime to eight under Mr Allaway, who was formally confirmed as the company’s CEO on Monday after a long interim period.

There was no replacement announced for Mr Newham in the memo.

“A seasoned banker for more than 30 years, Paul joined BoQ Group in April 2021 and has made an impressive contribution to the way we work, leading our operational team to uplift and streamline many of our vital processes,” Mr Allaway said.

When he took on the interim CEO job late last year, Mr Allaway was asked by investors at the company’s annual general meeting about the high turnover, previously a