Suncorp CEO Stands Down

Suncorp has this week announced its CEO and Managing Director, Michael Cameron, will be leaving the company after almost four years in the role and seven years as a Board member.

Outgoing Suncorp CEO, Michael Cameron …now was the right time for change

In a release accompanying this announcement, Suncorp Chair, Christine McLoughlin, said that while Mr Cameron had made a considerable contribution, now was the right time for change. She said this timing will provide the opportunity for Suncorp 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.

…now was the right time for change

The release notes Cameron will remain employed in an advisory capacity until 9 August 2019, following the release of Suncorp’s full year results.

Suncorp’s Chief Financial Officer, Steve Johnston, has been appointed by as Acting CEO, with Board Chair McLoughlin commenting that Johnston is “…an extremely experienced executive and has a deep understanding of Suncorp’s core insurance and banking businesses,” and that he is best placed to lead Suncorp and build on the Group’s multi-channel capability.

Suncorp completed the sale of its retail life insurance business, Asteron Life, to TAL earlier this year (see: New Appointee to Head TAL/Suncorp Integration). Part of the acquisition arrangement included TAL signing a 20-year strategic alliance agreement for the sale of life insurance products through Suncorp’s distribution network, including its digital channels, contact centres and store network.

The release notes the Suncorp Board hopes to be in a position to announce its new CEO in the latter part of 2019 following an internal and external search process.