BOQ Appoints Chief Operating Officer
Bank of Queensland Managing Director David Liddy today announced the appointment of current CFO Ram Kangatharan to the newly created position of Chief Operating Officer (COO) to oversee the day-to-day operations of the Bank, effective 1 March 2010.
In making the announcement, Mr Liddy said the Bank was confident it would deliver on its promise of offering a ‘real alternative in Australian banking’ and the creation of the COO role was a vital step towards achieving this.
“The strategic opportunities available to us are significant and as such, I have decided to consolidate all non-regulatory and legal operating units under one executive to hardwire the small bank differences, and to move to a more process- and outcome-focused organisation.
“Throughout the GFC, we have proactively re-engineered our business to offer Australians a viable alternative to the big banks.
“We are a leaner, more efficient organisation than we were going in to the GFC and now, having clearly articulated our growth options under Project Pathways and with the impending regulatory and technology change investment program expected to have a significant impact on operations in 2011, it is an opportune time to consolidate the gains made under Pathways and focus on an integrated approach to quality improvements. We need to ensure we prioritise our investment plans using a ‘small bank’ approach.
“Mr Ram Kangatharan, as our new Chief Operating Officer, will drive this change.
“In this role, Mr Kangatharan will have responsibility for ensuring our day to day operations support our strategic operational objectives, which include achieving a cost-to-income ratio of 45% by 2011 and 15% return on equity by 2012, and Ram will be a key driver in achieving this differential.
“To deliver on the operational objectives, the COO will have accountability for the Distribution, IT and Operations, Direct Banking, Marketing, Human Resources and Legal divisions of the Bank.
“The Group Executives responsible for these areas will report directly to the COO, however will retain their role as a member of my core advisory group.
“A search for a new Chief Financial Officer has commenced”.