The appointment of former banker Michael Cameron as Suncorp’s new Group CEO is creating speculation from industry pundits over the future direction of the listed company and its “one company, many brands” strategy.

Mr Cameron, the CEO of listed property group GPT Group, will take over from Patrick Snowball as Suncorp Group CEO in October.

Mr Snowball has been Suncorp CEO for six years. Although he had been expected to step down and return to the UK by the end of the year, Mr Cameron’s appointment was not expected by industry insiders.

Most had expected Personal Insurance CEO Mark Milliner or Suncorp Bank CEO John Nesbitt to succeed Mr Snowball.

Mr Cameron’s role at GPT – a position he had held for six years – seems an unusual stepping stone to the top job at Suncorp, but he has a substantial background in banking and financial services, as well as being on the board of Suncorp for three years.

He has previously held the positions of St George Bank CFO, Commonwealth Bank Group Executive Retail Banking Services and National Australia Bank Wealth Management COO.

And he is not entirely unfamiliar with the sector. He is a former financial controller at MLC Life and GM finance at Australian Eagle Life.

At a teleconference for journalists and investment analysts announcing the succession, Mr Cameron said his “personal view, just from a philosophical perspective, is that CEO roles are about leadership as opposed to an area of specialisation”.

Suncorp Chairman Ziggy Switkowski says Mr Snowball “steered the Suncorp Group through a major transformation which has simplified operations, realised efficiency benefits and strengthened the capital base”.

Dr Switkowski praised Mr Cameron as an “outstanding” successor.

“His understanding of Suncorp and the financial services industry combined with his disciplined and long-term approach to business makes him the ideal person to lead the company through its next phase of growth,” he said.

He also noted that as a non-executive director Mr Cameron has endorsed Suncorp’s “one company, many brands” strategy, presumably signalling the continuation of that strategy.

But it’s in the critical area of insurance that the new CEO’s career experience becomes problematic. 

Morningstar Head of Financial Services and respected banking analyst David Ellis told insuranceNEWS.com.au Mr Cameron’s banking pedigree is equal to the plum appointment as Suncorp CEO, but “I do see that he’s light-on in insurance”.

“I would have been anticipating someone with a lot of experience in general insurance in a potential CEO,” Mr Ellis said.

“That said, I’m not overly concerned. The head of general insurance [Mark Milliner] has been there a long while and he’s well respected.”