Bank of Queensland business banking head makes sudden exit, AFR reports

Reported departure follows numerous high-profile exits at BOQ

Bank of Queensland business banking head makes sudden exit, AFR reports

Bank of Queensland (BOQ)'s head of business banking Julian Russell has abruptly departed after just three months after his appointment, according to an AFR article citing multiple sources familiar with the matter.

His sudden departure triggered a fresh search for a permanent executive marking the fifth such change since 2019.

Russell, who was seen as a rising internal candidate and a contender to eventually succeed BOQ chief executive Patrick Allaway, took the role in March, having previously held senior roles at UBS in Australia and Merrill Lynch in Europe.

His appointment was seen as a means of fortifying BOQ's offering in the face of stiff competition.

“Julian is a seasoned executive with a proven track record in leading complex organisations through transformations and returning them to profitable growth,” Allaway said at the time. “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."

Keith Strachan, general manager of BOQ’s specialist lending arm, and Claire Woodley, general manager of the bank’s finance arm, will reportedly share the responsibilities while the search for Russell’s replacement proceeds.

BOQ has seen a number of dramatic departures over the years.

In 2022, former chief executive George Frazis was ousted by the board before being replaced by then executive chairman Allaway in March 2023.

MPA has reached out to BOQ for confirmation on Russell's departure.