Why the Bank of Queensland (ASX:BOQ) share price is climbing today

The Bank of Queensland Limited (ASX: BOQ) share price is pushing higher this morning. This comes after the leading regional bank advised it has reshuffled its board of directors.

At the time of writing, Bank of Queensland shares are up 1.47% to $8.98.

What did Bank of Queensland announce?

In today’s statement, Bank of Queensland announced that former ME Bank director Deborah Kiers will join the board. This follows the completed acquisition of the Melbourne-based bank on 1 July 2021.

The appointment of Ms Kiers will add further value to the Bank of Queensland board, bringing a wealth of experience within the industry. As such, Ms Kiers will take up the role of independent non-executive director, supporting the integration program of ME Bank.

Bank of Queensland chair Patrick Allaway commented:

We are very pleased to welcome Deborah to the board following the successful acquisition of ME Bank. It is customary for a new director to join following an acquisition and I am pleased by the breadth of corporate experience Deborah brings along with an understanding of the ME Bank business.

As a director with ME Bank since July 2020, and having been chair of the ME Bank board’s People and Culture sub-committee, I know she will bring valuable perspectives on the ME heritage, underscoring for us the unique ME Bank value proposition and culture.

Ms Kiers has more than 26 years’ experience in providing strategic advice to international boards and executive teams. In addition, she has spent almost 10 years as the managing director of business management consulting company JMW Consultants.

Currently, Ms Kiers is also serving as a non-executive director, chair and committee member for global institutional investment manager, IFM Investors. She is also a non-executive director for the Tiverton Agriculture Impact Fund.

Director retirement

The inclusion of Ms Kiers has led to the rotation of directors within the Bank of Queensland group. As such, Kathleen Bailey-Lord will retire from the company as a non-executive director.

Mr Allaway went on to further add:

I want to acknowledge the insight and wise counsel Kathleen has provided to the board and her contribution as a member of the Transformation and Technology; People, Culture & Remuneration; Audit; Risk; and Nomination and Governance committees. Kathleen’s wide experience and strategic thinking has contributed in shaping the business and cultural transformation to date.

The board changes will take effect from 5 August 2021. Ms Kiers’ appointment will be voted on by shareholders at the annual general meeting on 7 December 2021.

Bank of Queensland share price review

Since hitting a decade-low during April 2020, Bank of Queensland shares have moved on an upwards trajectory. Over the past 12 months, the company’s share price has accelerated more than 40%, and is up almost 20% year-to-date.

Bank of Queensland commands a market capitalisation of roughly $5.7 billion, with 640 million shares outstanding.

The post Why the Bank of Queensland (ASX:BOQ) share price is climbing today appeared first on The Motley Fool Australia.

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• The Bank of Queensland (ASX:BOQ) has officially acquired ME Bank
• Bank of Queensland shares outperforming all ASX 200 banks this month

Motley Fool contributor Aaron Teboneras 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 Bruce Jackson.

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