Bank of Queensland (BOQ) group executive for business banking Julian Russell has unexpectedly resigned after just three months on the job, marking another abrupt leadership change for the bank.
Russell was appointed in March, and started the following month. The Sydney-based executive joined from financial services firm FleetPartners, where he served as group chief executive office. He's also held senior levels roles at UBS and Merrill Lynch.
Multiple sources, speaking on condition of anonymity, confirmed Russell’s resignation over the weekend, according to a report by The Australian Financial Review. Bank of Queensland declined to comment.
Russell's departure leaves BOQ searching for its fifth permanent head of business banking since 2019. The swift departure – just 12 weeks after stepping into the role – has sparked questions about stability within the division.
Russell’s appointment earlier this year reflected the bank’s strategy – and enthusiam – to broaden the skill sets within its leadership team.
“We have deliberately selected a non-traditional banker for this role. Julian's finance and commercial background will bring a fresh perspective to optimising returns in increasingly competitive markets," BOQ group managing director and chief executive officer Patrick Allaway said at the time.
"Julian is a seasoned executive with a proven track record in leading complex organisations through transformations and returning them to profitable growth. I am very optimistic about the future of the business bank under Julian's leadership, building on BOQ’s record of delivering exceptional outcomes for our business customers," Allaway added.
Russell was also seen as a potential successor to the CEO. In April, Allaway agreed to stay with the firm for at least 18 months to help with the transition process.
The reasons behind Russell’s sudden departure remain unclear, but it marks yet another shake-up in BOQ’s already unsettled business banking ranks.
In fact, BOQ’s business banking leadership has been a revolving door in recent years. Fiamma Morton exited in 2021 after just 15 months, followed by chief product officer Chris Screen, who left over the Christmas break. Before them, Peter Sarantzouklis lasted only five months in 2020, stepping in after Doug Snell’s eight-month stint as acting head. Snell had taken over when Brendan White departed in December 2018.
Russell's exit comes amid branch conversions, increased lender competition and a sweeping restructure that saw nearly 400 roles cut last year.
Keith Strachan and Claire Woodley – BOQ’s general managers of specialist lending and finance, respectively – will step in as interim leaders while the search for Russell’s replacement gets underway, according to AFR.
