Internal recruit to replace retiring boss Patrick Allaway in March
Bank of Queensland (BOQ) has confirmed the appointment of Rod Finch as chief executive officer and managing director of BOQ Group, effective 1 March.
Finch will succeed Patrick Allaway (pictured), who will retire from his executive role on 28 February.
Finch is currently BOQ’s chief transformation and operations officer, a position he has held since 2023. He joined BOQ Group in April 2021 and has more than 20 years’ experience in financial services, spanning customer, product, strategy and transformation roles in Australia and the UK.
BOQ chair Andrew Fraser said Finch’s elevation to the top job would support continuity of the bank’s transformation agenda.
“As a key leader of BOQ, Rod’s appointment will ensure we maintain momentum in executing our strategy to become a simpler, specialist bank with improved performance for customers and shareholders.
“Rod’s executive leadership of BOQ’s strategy and transformation priorities provides leadership continuity at a pivotal stage for the Group. During his tenure at BOQ, Rod has led the digitisation of the retail bank and the program to uplift operational and risk performance.”
Commenting on his appointment, Finch said: “I’m honoured to be appointed CEO and grateful for the trust the Board has placed in me. I look forward to leading the organisation building on the strategic transformation initiated by Patrick to improve outcomes for our customers, shareholders and the communities we serve”.
The BOQ board also paid tribute to Allaway’s contribution through a period of significant change.
Fraser said: “Patrick leaves BOQ with strengthened operational and financial resilience, accelerated growth in our business bank and the build of the digital retail bank largely complete and delivering a materially improved customer experience. He has built a strong executive team that is delivering on our strategy with improved engagement and culture scores.
“We are grateful for Patrick’s service and his dedication to BOQ and wish him well in his retirement.”
Allaway, who became a non-executive director and chair in 2019 before stepping in as CEO in 2023, said: “It has been an honour to lead BOQ as the Chair of the Board and subsequently its CEO, at the Board’s request. While returning to an executive role was not in my plans, I have worked to stabilise and strengthen the Group by progressing work to respond to two Enforceable Undertakings and address the impact of market structural shifts.
“I’m comfortable that I’m leaving BOQ in a stronger position and the time is right to handover to Rod’s very capable leadership. Rod has a clear vision for BOQ Group and will retain momentum in building on the foundational work over the past few years to return the Group to sustainable growth. I wish Rod every success and am confident in the next chapter for BOQ under his strong leadership.”
