Why is the Bank of Queensland share price pushing higher today?

This regional bank has named its new leader.

| More on:
three businessmen stand in silhouette against a window of an office with papers displaying graphs and office documents on a desk in the foreground.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Key points

  • Bank of Queensland has named its new CEO
  • The regional bank has appointed its current chairman to the role
  • The bank expects the appointment to provide stability and continuity

The Bank of Queensland Ltd (ASX: BOQ) share price is on the move on Monday.

At the time of writing, the regional bank's shares are up 1.5% to $6.50.

Why is the Bank of Queensland share price rising?

Investors have been bidding the Bank of Queensland share price higher today after the bank announced the appointment of its new CEO.

Potentially in an effort to ease investor nerves during the ongoing banking crisis, the bank has opted to name its current chairman, Patrick Allaway, as its new leader. This follows the exit of George Frazis, which was announced late last year.

This will be a relatively short term appointment, with Allaway taking on the roles of managing director and CEO until December 2024.

Replacing him as chairman will be Warwick Negus with immediate effect.

Why switch roles?

The company revealed that it believes the appointment will provide some stability in the current environment. It explained:

Mr Allaway's appointment will provide stability and continuity during this period, enabling the management team to continue delivering BOQ's priorities, as announced at the December 2022 AGM, of strengthening, simplifying, digitising, and optimising BOQ.

It also revealed that the search process for a long-term CEO will continue. This includes considering a wider pool of external candidates and the further development of internal candidates.

Commenting on his appointment, Allaway said:

I am honored to serve BOQ stakeholders in my new role and to play a part in our 150-year history. I will continue to lead by living our purpose and values and to progress our work to build an even stronger and better bank for our customers, our people, and our shareholders. Our focus is strong financial resilience whilst simplifying our operations and digitising for our future state.

We have made material progress in strengthening our capital and liquidity position over the past six months and have maintained quality lending portfolios as we prepare for a more challenging economic environment. BOQ has several programs underway to improve the effectiveness of our control environment and organisational efficiency, building a leaner more agile and digitally enabled bank.

Should you invest $1,000 in Seek Limited right now?

Before you buy Seek Limited shares, consider this:

Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now... and Seek Limited wasn't one of them.

The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

And right now, Scott thinks there are 5 stocks that may be better buys...

See The 5 Stocks *Returns as of 30 April 2025

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Bank Shares

Woman with a concerned look on her face holding a credit card and smartphone.
Bank Shares

What price target does Macquarie have on ANZ shares following its result?

Is the broker bullish or bearish on this banking giant? Let's find out.

Read more »

A businesswoman on the phone is shocked as she looks at her watch, she's running out of time.
Dividend Investing

Hoping to bank the next dividend from NAB shares? Better hurry…

NAB shares will pay an interim dividend of 85 cents per share next month.

Read more »

A woman sits at her computer with her hand to her mouth and a contemplative smile on her face as she reads about the performance of Allkem shares on her computer
Bank Shares

What does Macquarie think NAB shares are worth after its result?

What do banking analysts think of NAB’s performance?

Read more »

A man holds his hand under his chin as he concentrates on his laptop screen and reads about the ANZ share price
Dividend Investing

Why is the Westpac share price falling for a fourth consecutive day?

The Westpac share price is down by more than 4% today.

Read more »

Man holding out Australian dollar notes, symbolising dividends.
Dividend Investing

Here's everything you need to know about the latest ANZ dividend

ANZ just reported its half-year results and announced its interim dividend.

Read more »

A man in a suit smiles at the yellow piggy bank he holds in his hand.
Bank Shares

Which is Macquarie's favourite big four bank right now?

Let's see which bank is this broker's top pick right now.

Read more »

Worried woman calculating domestic bills.
Earnings Results

ANZ share price falls on half-year results

How did the bank perform during the first half? Let's find out.

Read more »

Woman using a pen on a digital stock market chart in an office.
Bank Shares

Here's the Westpac dividend forecast through to 2027

Let's see what analysts are forecasting for the banking giant.

Read more »