Suncorp CEO Michael Cameron steps down

Suncorp chief executive and managing director Michael Cameron has stepped down after almost four years in charge of the banking and insurance giant.

Mr Cameron guided Suncorp through this year’s $725 million sale of its Australian life insurance business and chairman Christine McLoughlin said Monday the time is now right for change.

She 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”.

Ms McLoughlin said Suncorp will consider external candidates, both domestic and international.

Suncorp in February reported a 45 per cent decline in first-half profit to $250 million following a jump in weather-related claims, along with a more than 50 per cent increase in regulatory compliance costs.

Suncorp said Monday its FY19 cash earnings are currently in line with market expectations.

Shares in Suncorp were worth $10.90 before the market open, up 10 per cent this calendar year.

AAP

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