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Suncorp CEO Michael Cameron steps down

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Suncorp CEO Michael Cameron has stepped down after almost four years in the top role and seven years as a board member.

Chairman Christine McLoughlin says that while Mr Cameron has made a considerable contribution, now is the right time for change.

The company says Mr Cameron has led a significant digital transformation, an enterprise wide focus on the customer and navigated the business through a period of unprecedented regulatory change.

Suncorp has appointed Group CFO Steve Johnston as Acting CEO, while Mr Cameron will remain in an advisory capacity until August 9, following the release of the full-year results, to ensure a smooth transition.

The search for a new CEO will consider internal and external candidates and the board hopes to announce an appointment in the latter part of the year.

Jeremy Robson, currently Deputy CFO, will step into the position of Acting Group CFO while the board completes the succession process.

Suncorp confirms its financial year cash earnings are in line with market expectations.

“As noted at the interim result, the external operating environment including natural hazards above allowance, investment market performance and unforeseen regulatory costs will impact the group’s FY19 reported result and outlook,” it said.

Suncorp will deliver its results on August 7.

More details in our regular bulletin this afternoon.