In a surprise yesterday Suncorp CEO Michael Cameron stepped down after almost four years in charge of the Brisbane-based banking and insurance group.
What made it more of a surprise was the comment from the chair, Christine McLoughlin who said yesterday the time is now right for change after Mr. Cameron ”had made a considerable contribution”, as she put it.
Up to yesterday, there had been no sign of any immediate need for change at Suncorp.
Mr. Cameron had recently guided Suncorp through the $725 million sale of its Australian life insurance business and chairman and was working on a new strategy for the regional banking and insurer.
Ms. McLoughlin said Suncorp would aim to strengthen its core businesses to improve performance in a highly competitive and challenging external environment.
“I would like to thank Michael for his leadership in accelerating our digital capability and in driving a customer-first culture,” Ms. McLoughlin said.
Mr. Cameron will stay on in an advisory capacity until August 9 to chief financial officer Steve Johnston, who has been appointed acting CEO.
Deputy chief financial officer Jeremy Robson will fill the CFO role on an interim basis through the succession process, with Suncorp targeting the appointment of a permanent CEO “in the latter part of the year”, according to the statement.
Ms. McLoughlin said Suncorp will look at external candidates, both domestic and international.
In the statement yesterday Mr. Cameron said it had been a great privilege to lead Suncorp and he was proud of what had been achieved.
“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,” Mr. Cameron said.
The shares lost 2.1% to $13.60.
