A non-major has just announced that its CEO and managing director will be stepping down from both roles.
Suncorp CEO and MD Michael Cameron is to leave the company after nearly four years in his current role and seven years as a board member. He will remain employed in an advisory capacity until 9 August 2019, following the release of Suncorp’s full year results on 7 August.
In his time at the helm, Cameron has been credited with carrying out “a significant digital transformation of Suncorp,” even amidst the period of increased regulatory change.
Cameron said, “Suncorp now has the digital foundations in place to enable it to be nimble and to seize opportunities. I believe the business has great potential and will continue to enjoy success.”
In the interim, the board has appointed Group CFO Steve Johnston as acting CEO. Johnston has served in various leadership roles in his 13 years at Suncorp.
According to chairman Chrstine McLoughlin, “This will provide the opportunity for the company to enhance its performance in a highly competitive and challenging external environment as Suncorp seeks to strengthen its core businesses by focusing on its customers, products and brands.”
“On behalf of the board, I would like to thank Michael for his leadership in accelerating our digital capability and in driving a customer-first culture,” she added.
McLoughlin also spoke to interim CEO Johnston’s experience and thorough understanding of Suncorp’s core insurance and banking businesses.
“He is best placed to lead Suncorp and build on the group’s multi-channel capability,” she noted.
Johnston said, “I recognise the importance of this role, especially during this challenging time for the financial services industry. I am truly passionate about what we do and confident in our future.”
The board hopes to announce the new CEO in the latter part of the year. Jeremy Robson will act as CFO while the board completes the succession process.
According to APRA’s monthly banking statistics, Suncorp is the second leading non-major in terms of loan volumes, second only to ING.
Looking ahead to the August announcement, Suncorp has confirmed that its FY19 cash earnings are in line with market expectations considering the external operating environment, investment market performance and unforeseen regulatory costs.