Bank of Queensland chief financial officer Matt Baxby has announced his departure, two weeks after the regional lender appointed a new chief executive.

Mr Baxby will depart after the full-year results in October, a month after former Westpac executive George Frazis assumes the role of chief executive.

The bank said Mr Baxby had “decided to pursue other leadership opportunities” and thanked him for his seven years of service.

“Matt has made a significant contribution during his seven years with the group, including six years as group executive retail banking and the past 12 months as chief financial officer,” said chairman Roger Davis, who is also stepping down in October.

BOQ said it will conduct a comprehensive search for its new CFO.

BOQ cut its interim payout in April after an eight per cent slide in first-half cash earnings to a below-expectation $167 million.

Shares in the bank were down 0.63 per cent to $9.54 at 1300 AEST on Thursday.