Sutton to head Bank of Queensland

Former Bankwest managing director Jon Sutton has been appointed Bank of Queensland’s new chief executive, following the departure of Stuart Grimshaw in September last year.

Chairman Roger Davis said following an “exhaustive international search process”, the board found Mr Sutton to be the best person for the job.

Mr Sutton joined BOQ in 2012 as chief operating officer and has been acting CEO for the past four months.

“We are at a crucial point in a major transformation program and growth agenda and we are confident that strong momentum will be maintained under Jon’s leadership,” Mr Davis said.

“He has overseen many of the bank’s key projects including digitalisation of its back office and, as acting CEO, has done an excellent job in steering BOQ’s performance and communication our results to investors over the last few months.”

Mr Sutton will receive a base remuneration package of $1.25 million and will be entitled to incentives.

Prior to joining BOQ, Mr Sutton was managing director at Bankwest and also held a number of senior positions at Commonwealth Bank of Australia, including executive general manager of agribusiness, general manager of client risk solutions, and head of corporate risk management commodities.

Shares in Bank of Queensland were 0.4 per cent lower at $12.15 per share at 11:30am.