BoQ names Kangatharan COO
02 March 2010 | 5809 views | 0
Bank of Queensland (BoQ) has promoted CFO Ram Kangatharan to the newly created position of COO, giving him control of day-to-day operations and oversight of technology.
Taking on the role from 1 March, Kangatharan will have accountability for IT and operations, direct banking, distribution, marketing, human resources and legal issues.
The bank's chief information officer Jim Stabback will now report to him instead of managing director David Liddy.
Kangatharan is charged with implementing BoQ's Project Pathways, introduced last year in a bid to cut the bank's cost-to-income ratio to 45% by 2011 and achieve a 15% return on equity by 2012.
Liddy says that "with the impending regulatory and technology change investment program expected to have a significant impact on operations in 2011, it is an opportune time to consolidate the gains made under Pathways and focus on an integrated approach to quality improvements. We need to ensure we prioritise our investment plans using a 'small bank' approach. Mr Ram Kangatharan, as our new Chief Operating Officer, will drive this change."
BoQ is searching for a new CFO.