Suncorp shares hardly moved yesterday after the financial group named Steve Johnston as its next chief executive.
Mr. Johnston has been acting in the role since Michael Cameron departed in May. His naming had been widely expected by the market, despite talk of a global search for a replacement.
He said in a Suncorp statement yesterday that his focus will be on boosting performance in the company’s banking, wealth and insurance businesses.
Mr. Johnson is a former chief financial officer (CFO) of Suncorp.
Suncorp chairman Christine McLoughlin said Mr. Johnston was the “outstanding candidate” for the job.
“He has a clear vision for Suncorp’s future, a deep understanding of Australia and New Zealand’s financial services industry and the organisation, as well as high regard and confidence from his colleagues,” Ms. McLoughlin said in the statement.
“The Board is delighted that he has accepted the offer to lead the company at an important juncture in its history, as it seeks to take a leadership position in the newly defined and dynamic operating environment,” she said.
Deputy CFO Jeremy Robson will continue in the Acting Group CFO role while a recruitment process is undertaken considering internal and external candidates.
Suncorp shares edged up 0.2% to $13.77 because Mr. Johnston had been the clear frontrunner to be the new CEO.