Michael Cameron has left the group after almost four years as CEO, with CFO Steve Johnston to act in his place while the board considers candidates for the position.

Chairman Christine McLoughlin says Mr Cameron has accelerated the group’s digital capability and driven a customer-first culture, but now is the right time for change.

Mr Cameron took over from Patrick Snowball in 2015 and steered the group through a period of regulatory change and scrutiny that included the Hayne royal commission. He was also a strong supporter of the group’s ambitious Marketplace strategy.

Suncorp first-half group net profit, reported in February, fell 44.7% to $250 million from a year earlier, with the insurer blaming the sharp decline on the Sydney hailstorm and unforeseen regulatory costs linked to the Hayne royal commission.

The Australian’s John Durie today outlined other numbers that “tell the story” of Mr Cameron’s exit.

He says over the last four years IAG has outperformed Suncorp by 37%, with Suncorp underperforming the market by 13%.

“This tells you all you need to know about why Michael Cameron is no longer the CEO,” he writes.

Mr Cameron previously led listed property group GPT, and has also been a member of the Suncorp board for seven years.

“Suncorp now has the digital foundations in place to be nimble and to seize opportunities,” he said in a statement today. “I believe the business has great potential and will continue to enjoy success.”

Suncorp says its “robust approach” to internal succession planning will be supplemented with a search for external domestic and international candidates.

As reported in a Breaking News bulletin this morning, the board hopes to announce a new CEO later this year.

Suncorp says the change will provide an opportunity to enhance its performance in a highly competitive and challenging environment, as it seeks to “strengthen its core businesses by focusing on its customers, products and brands”.

Acting CEO Mr Johnston became CFO in 2013 after joining the company in 2006. His roles at the group include EGM investor relations and corporate affairs, and deputy CFO.

“Steve is highly regarded by his peers and has successfully served in various leadership roles in his 13 years at Suncorp,” Ms McLoughlin said. “He has played an integral role in the transformation of Suncorp.”

Jeremy Robson, currently the Deputy CFO, will become Acting Group CFO while the board completes its search.

Mr Cameron will remain in an advisory capacity until two days after the release of full-year results on August 7, to ensure a smooth transition.

Suncorp has also confirmed 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… reported result and outlook.”