Bank of Queensland (BOQ) today announced that Jon Sutton has been appointed Managing Director and Chief Executive Officer, effective immediately.

Chairman Roger Davis said that following an exhaustive international search process, the Board believed Mr Sutton was the best person to continue the successful implementation of BOQ’s strategy, as well as lead the Bank as it responds to future opportunities and challenges.

Mr Sutton has been Acting CEO for approximately four months and was previously Chief Operating Officer. He joined BOQ in July 2012.

“Jon has played a key part in BOQ’s turnaround, as well as the development and implementation of our four pillar strategy,” Mr Davis said.

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

“We believe Jon has the energy and passion that the role requires and the Board has no doubts that he will continue to be a wonderful leader for BOQ and help us achieve our goal of becoming Australia’s most loved Bank.”

Mr Sutton said he was proud to have been appointed BOQ’s CEO and looked forward to leading the organisation and helping unlock its potential.

“BOQ has achieved much over the last two years but we must continue to maintain the momentum we have built and continue to successfully deliver our strategy and customer-focused approach,” he said.

“This will create the foundations we need to underpin BOQ’s next phase of growth, which will require us to take advantage of the opportunities and challenges presented by rapidly changing macroeconomic and financial services environments, as well as technological advancements.

“I’m proud to have been appointed CEO and I will be focused on delivering the best outcomes for customers, staff and shareholders.”

Mr Sutton has over 20 years’ experience in financial services and has extensive retail and business banking experience.

Prior to joining BOQ in July 2012, Mr Sutton was Managing Director of Bankwest. He held a number of senior positions at the Commonwealth Bank including Executive General Manager of Agribusiness where he was central to establishing the agribusiness segment and growing it strongly; General Manager of Client Risk Solutions; and Head of Corporate Risk Management Commodities.