March 2, 2010Bank of Queensland (BOQ) Managing Director David Liddy today announced the appointment of current CFO Ram Kangatharan to the newly created position of Chief Operating Officer (COO).
In a statement issued to ASX, Liddy says Kangatharan will be responsible for the Bank’s day to day operations and supporting its strategic operational objectives.
These include achieving a cost-to-income ratio of 45 percent by 2011 and 15 percent return on equity by 2012.
“To deliver on the operational objectives, the COO will have accountability for the Distribution, IT and Operations, Direct Banking, Marketing, Human Resources and Legal divisions of the Bank,” Liddy explains.
“The Group Executives responsible for these areas will report directly to the COO, however will retain their role as a member of my core advisory group,” he says.
A search for a new Chief Financial Officer has reportedly commenced.
