Suncorp CEO steps down after 10 years

by AB08 Nov 2013

Suncorp Bank CEO, David Foster, is leaving the lender after 10 years at the helm and will be replaced by the bank’s current CFO, John Nesbitt.

In a media release issued yesterday, Foster said the completion of the non-core banking portfolio run-off amidst the GFC was a ‘major milestone’, leaving the bank in a strong position and signalling it was time for him to move on.

Back in 2009, Suncorp put $18 billion of impaired commercial and property loans into a run-off portfolio. The bank was nearly sold in 2008 and was later split up into two arms.

Foster has been planning his exit for some time, according to News Ltd, occasionally working from the Sunshine Coast and making the commute to Brisbane.

Nesbitt now heads the 230-outlet banking arm. He has 15 years' experience in finance, including as an executive for private wealth at Perpetual.

While he has no banking past, a Suncorp spokesperson says his experience and financial expertise will suit him well.

Nesbitt’s replacement is Steve Johnston, whose work has included being an adviser to former Queensland Premier Rob Borbidge and handling investor relations at Suncorp.