Bank of Queensland, one of Australia's oldest financial institutions, has hired Stuart Grimshaw as managing director and chief executive officer, effective 1 November 2011.

Grimshaw takes over from David Liddy, who has been the MD and CEO since April 2011. Liddy will be continuing on his role until 31 August, or the end of the financial year. Until Grimshaw steps in, Ram Kangatharan, the chief operating officer, will be acting CEO.

His appointment follows a wide search conducted by the board both in Australia and overseas, the bank said in a statement. 

Grimshaw brings extensive financial services experience to the role, most recently as CEO of Caledonia Investments, which manages around A$2 billion for more than 400 investors, and as non-executive director for Suncorp-Metway. Prior to Caledonia, he served a variety of functions at Commonwealth Bank of Australia, and was instrumental to the integration of Colonial First State into CBA. His other previous positions covered National Australia Bank and Australia and New Zealand Banking Group. 

He is to receive a base annual pay of A$1.25 million, which will be reviewed annually.