Non-major CEO departs

by Adam Smith14 Aug 2014
A regional bank has seen its CEO resign.

Bank of Queensland has announced chief executive Stuart Grimshaw has resigned to "pursue a non-banking opportunity" outside Australia. Grimshaw will depart his post at the end of the month, and COO Jon Sutton will step in as acting CEO from 1 September.

"The Board would like to thank Stuart for the significant contribution he has made to BOQ since November 2011. When Stuart joined, BOQ's market capitalisation was $1.9bn and he leaves having built a business capitalised at $4.4bn and having generated total shareholder returns of around 75%," chairman Roger Davis said.

Davis said that, while the board was disappointed Grimshaw had decided to move on, they understood he was pursuing a unique opportunity.

Grimshaw's tenure saw the bank try to draw closer to the broker channel, forging partnerships with Vow Financial and Custom Equity Group.

Grimshaw said he was proud of his tenure and the "fundamental transformation" he had guided the bank toward.

"While it was a very difficult decision to leave BOQ, I was offered a fantastic opportunity that takes my career in a new direction. I am confident that I leave the bank in great shape and in very good hands," he said.