Suncorp have announced that CEO Patrick Snowball will step down in October 2015 and will be replaced by Michael Cameron.
Cameron, who is currently the CEO and managing director of real estate investment trust, GPT Group
has more than 30 years’ experience in finance. He has previously held senior leadership roles with St. George Bank, Commonwealth Bank, National Australia Bank, MLC, Lend Lease and Barclays. He has also been a non-executive Director of Suncorp Group since April 2012.
Suncorp Group chairman, Ziggy Switkowski says Cameron, who will officially step into the chief executive role in October 2015, is the perfect candidate for the job.
“His understanding of Suncorp and the financial services industry combined with his disciplined and long-term approach to business makes him the ideal person to lead the company through its next phase of growth,” he said.
Snowball, who has announced his resignation with plans to return to the UK, confirmed his commitment to leading the business as Cameron transitions into the role.
“I remain focused on leading the team toward our full year result and look forward to working with Michael as he transitions into the Group CEO role,” he said.
“While on the Board, Mr Cameron has endorsed Suncorp’s ‘One Company, Many Brands’ strategy that provides diversified financial services to the Group’s nine million customers across Australia and New Zealand. He brings a depth of relevant experience and this is the right appointment at the right time.”
Switkowski has commended Snowball for his exceptional leadership and acknowledged Suncorp’s progress during his six-year tenure.
“Patrick Snowball has steered the Suncorp Group through a major transformation which has simplified operations, realised efficiency benefits and strengthened the capital base. Today, we are a vastly improved diverse financial services business with good prospects and are providing attractive and sustainable returns to our shareholders,” he said.
“As importantly, Patrick has successfully fostered a culture of innovation, employee engagement, accountability and process discipline which provides a solid foundation upon which Michael can build.”