BOQ Announces new Chairman, and MD Extends Contract

Wednesday, 20/08/2008

Bank of Queensland today announced that Managing Director David Liddy has agreed to extend his contract until 2011 and long-standing board member Neil Summerson would become the company’s new Chairman, replacing retiring Chairman Neil Roberts. 

The announcement was made at Bank of Queensland’s board meeting today. 

Mr Summerson, in his first act as the Bank’s Chairman, said he was delighted to announce that Mr Liddy, who has completely transformed the Bank since joining in 2001, had agreed to extend his contract to 31 December 2011. 

“David Liddy has been a huge asset to the Bank over the past seven years and we are thrilled he has agreed to stay on as CEO and Managing Director. 

“He pioneered the Owner-Managed Branch Model at BOQ, which has revolutionised the way we deliver customer service, and has enabled the Bank to expand its network from 93 branches within Queensland in 2001, to 283 branches in every Australian state and territory. 

“We are now operating in a completely different marketplace, in terms of the Australian and global banking environment, and I’m delighted Mr Liddy has agreed to stay on to steer the Bank’s course in this new financial landscape.” 

Mr Summerson also praised the leadership of outgoing Chairman Neil Roberts, who has chaired the Bank’s Board for 13 years and been a Director for 21 years. 

“After working with Mr Roberts on the board for the past 11 years, I’m honoured to be taking over the reins from his leadership,” Mr Summerson said. 

“When he became Chairman in 1995, the Bank’s market capitalisation was $25 million, it is now around $2.4 billion, and BOQ has earned a place in the Top 100 companies listed with the Australian Securities Exchange. 

”This is testament to the dedication and passion Mr Roberts brought to his position as Chair of the BOQ Board.” 

Other milestones achieved under Mr Roberts’ leadership include the introduction of the Bank’s first ATMs; the sale of the Queensland Government’s 40 per cent stake in the Bank and its successful transition to an independent public company; and the opening of Bank of Queensland’s first branches outside Queensland. 

“While the financial landscape has changed forever, I believe our concentration of business in Queensland and West Australia has helped us to weather these changes better than some other institutions, and this is largely due to the strategic direction taken under Mr Roberts’ leadership,” said Mr Summerson. 

Mr Roberts said he had thoroughly enjoyed his 21 years as a Bank of Queensland board member and 13 as Chairman. 

“I’m most proud of our huge growth story – when other banks were closing branches, we were opening them, and this is due to the unique OMB Model, which I believe has transformed the way we deliver banking services in Australia, forever,” Mr Roberts said. 

“Looking ahead, the financial landscape has well and truly changed, and I believe Mr Summerson has both the experience and the energy to lead the Bank as Chairman. 

“His 37 years as a chartered accountant prepares him well for this new challenge,” Mr Roberts said.  

“With Mr Summerson and Mr Liddy leading the Bank, I am very comfortable handing over the reins.” 

The board also announced director Tony Howarth would take over the position of Deputy Chairman. 

“The appointment of Tony Howarth as Deputy Chairman will capitalise on Mr Howarth’s experience as Chairman of the former Home Building Society in West Australia and reflects the Bank’s continued focus on the growing West Australian economy,” said Mr Summerson. 

“Tony Love has done a great job as Deputy Chairman, but has decided to step down from this position and enable Tony Howarth to take the reigns and drive the Bank’s focus on the growing WA market. 

“Mr Love is an asset to Bank of Queensland and remains an integral member of our Board.” 

Mr Summerson also announced the vacant board position would be filled by Roger Davis.  

“We’re thrilled to have Roger Davis join the team, with almost 30 years’ experience in banking and finance behind him,” he said. 

Mr Davis has banking experience in a range of roles across Australia and internationally with Citibank and ANZ. 

“The appointment of Mr Davis reflects Bank of Queensland’s focus on developing a balanced Board with a range of experience and skill sets to guide the continued growth of the Bank,” Mr Summerson said. 

The changes to the board are effective today, 20 August.