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BOQ CFO hands in his notice

The Bank of Queensland board's decision to appoint former Westpac executive George Frazis as its new chief executive appears to have cost the bank its chief financial officer. Yesterday the bank announced that CFO Matt Baxby will leave the bank in October.According to the bank's statement, Baxby has decided to pursue other leadership opportunities.Baxby joined BOQ in 2012, after spending 10 years at Virgin Money. He was heavily involved in BOQ's acquisition of Virgin Money in 2013.Frazis takes over in September. The bank will also have a new chair later this year, when Patrick Allaway takes over from Roger Davis.Baxby's departure could make for a more difficult introduction at BOQ for Frazis. The bank faces a number of challenges, including a declining lending business, a shrinking branch network and outdated lending system and digital and mobile offerings.

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