Bank of Queensland chairman Roger Davis will step down from his position in October, the lender has announced.

BOQ said in a statement that Patrick Allaway would replace the retiring Mr Davis, who had been chair since May 2013.

Mr Allaway, also currently a non-executive director of Nine Entertainment Co and Domain Limited, will take over when BOQ releases its full-year results.

Mr Alalway joined the BOQ board on May 1 and has previously worked with Citibank while also serving as managing director of Swiss Bank Corporation’s capital markets and treasury.

Meanwhile, Mr Davis said the search is well advanced for a managing director and CEO to replace Jon Sutton following the latter’s resignation in December due to health reasons.

“In the meantime we are continuing to deliver on our foundational investments and a strategic update to the market will be provided later in the year,” Mr Davis said in a release.

The regional lender reported an eight per cent fall in first-half cash earnings to $167 million in April, and its $9.24 share price is more than 30 per cent down from a three-and-a-half year high of $13.41 in October 2017.