BOQ CEO Update
Thursday, 14/04/2011
Bank of Queensland Chairman Neil Summerson today announced that Managing Director and CEO David Liddy had informed the Board he would not be seeking an extension of his contract when it expired.
"David has indicated to the Board that he does not wish to extend his current contract, which expires at the end of the calendar year”, Mr Summerson said.
"David has provided BOQ with over 10 years of outstanding leadership, and been the driving force behind the transformation of the Bank from a small, Queensland regional bank to an ASX Top 100 company and a national financial services institution. Under his leadership the Bank has more than doubled its share price, grown its assets under management by more than 600%, introduced a unique distribution model, and significantly expanded its operations.
“The Board was grateful David agreed to stay on and guide the Bank through the tumultuous GFC period, and he has positioned the Bank as a key competitor in today’s highly competitive market and ready for its next wave of growth. He is the longest serving CEO in Australian banking, and has the respect of our staff, our Board, the investment community and the market generally.
“However after more than 43 years in banking, he has decided that it’s time to prepare to ‘hand the baton on’ and spend time pursuing other initiatives – including returning to Sydney to be with his family and five – soon to be six - grandchildren!
"Given David’s notification, the Board have commenced a formal search for his replacement.”
Mr Liddy said that his recent 10 year anniversary at the Bank had prompted him to assess what was next.
“After such a long and fulfilling banking career, I’m close to being ready to step down from full time executive leadership,” he said.
“Personally, I’m obviously disappointed to make this announcement at the same time as such a disappointing profit result, however I thought it was important to give the Board enough notice to ensure a smooth and successful recruitment process for the benefit of our staff and shareholders.
“I’m exceptionally proud of the BOQ team and what we’ve achieved in the past decade, and more importantly what we have planned going forward. I will of course continue to passionately lead the Bank until my successor is in place.”
The firm appointed to undertake the CEO recruitment is Spencer Stuart. Further details about this appointment, and Mr Liddy's subsequent departure date, will be announced in due course.
