Bank of Queensland overhauls business and risk executive roles

Bank of Queensland’s executive team is being shaken up with a changing of the guard at the helm of its risk and business divisions.

BoQ CEO George Frazis has outlined executive changes including the departure of business group executive Fiamma Morton. Picture: John Feder/The Australian

Bank of Queensland’s executive team is being shaken up with a changing of the guard at the helm of its risk and business divisions.

BoQ chief executive George Frazis outlined the changes including the departure of business group executive Fiamma Morton, who will be replaced by chief product officer Chris Screen. The bank has hired Insurance Australia Group’s chief risk officer David Watts to take over as head of risk.

The exit of Ms Morton, after about 15 months in the role, to pursue “other opportunities”, follows the departure of her predecessor Peter Sarantzouklis after just five months in that job.

In a memo to BoQ staff, obtained by The Australian, Mr Frazis said Mr Screen was taking over as head of business banking from October and would “hit the ground running” for BoQ’s new financial year.

“Our mandate to build and support Australia’s small and family businesses has always been core to our strategy,” Mr Frazis said. “Chris acted as our GE retail banking on an interim basis earlier this year and has been critical in supporting the turnaround program in that division and across the group.”

Mr Frazis noted Mr Screen’s business banking experience from previous roles at Westpac, St George and National Australia Bank, and said there would be a handover period in October between him and Ms Morton.

“Having joined the business bank as the impacts of Covid-19 were becoming more evident in June 2020, Fiamma provided valuable leadership through a challenging period, and we are now well positioned to ensure BOQ business can capitalise on improving economic conditions,” Mr Frazis added.

“In addition to key initiatives such as the launch of our new foreign exchange platform, Fiamma has also brought an enduring focus on improving the customer experience and improving the underlying performance of the business bank.”

On the changes to the chief risk officer role, Mr Frazis said Adam McAnalen was shifting to a role within BoQ’s transformation and integration program. Mr Watts joins BoQ early next year, when the handover will occur.

Brisbane-based BoQ is bedding down the $1.33bn purchase of ME Bank, and making a bigger push to take on the big four.

The bank rules off its year on August 31 and reports annual earnings next month, after posting a 9 per cent rise in interim profits, underpinned by home lending.

The first-half results showed the business banking unit experienced a 7 per cent drop in net cash earnings, versus the same period a year ago, while the retail unit saw net cash earnings climb 27 per cent.

In the memo, Mr Frazis said BoQ’s financial year was off to a “positive start”, and the leadership changes underscored the bank’s momentum.