Until last month, Bank of Queensland gave every indication things were going well under its star CEO.
, but the board highlighted other attributes, which conflicted with statements surrounding last month’s sacking. “We welcome George’s strong and demonstrated risk management focus,” then-chairman Roger Davis and current chairman Patrick Allaway said in a joint statement.It was his first investor presentation in October 2019. Down the phone line was veteran banking analyst Brian Johnson.
Then there was hefty executive turnover under Frazis, which analysts worried indicated cultural problems. One recruitment process also disappointed the board when Frazis helped hire a business banking chief, experienced finance veteran Peter Sarantzouklis, without declaring he was godfather to Sarantzouklis’ child.
But BoQ under Frazis notched offsite meetings at Sydney’s swanky Manly Pacific hotel, or at the Lilianfels Blue Mountains Resort and Spa, which boasts “two acres of manicured gardens”.Then there was Frazis’ private toilet in BoQ’s new Sydney office, although a source with knowledge of the bank said Frazis had maintained the toilet was not installed at his request. For chairman Allaway, the toilet was among the things to stop. “It’s inappropriate ...
Among changes made was reducing conditional loan approval times from five days to one, and BoQ’s main home lending book grew aggressively – 9 per cent in 2021 alone to $34.1 billion.
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