Michael Cameron has officially taken over as CEO and MD of Suncorp Group, replacing Patrick Snowball.

Mr Cameron, previously CEO of listed property business GPT Group, has served as a non-executive director on Suncorp’s board since April 2012.

He has paid tribute to Mr Snowball and the “extraordinary achievements” of the past six years.

“I now relish the opportunity to maximise market opportunities, harness the potential of our highly committed and engaged staff, and deliver even greater value to our shareholders and customers,” he said.

“I am excited by the future of the Suncorp Group.”

He has previously stated the “one company, many brands” strategy will continue under his leadership.

Chairman Ziggy Switkowski says Mr Cameron is ideally placed to lead the group through its next phase of growth.

“As a member of the board, Michael has been directly involved in setting and overseeing the group’s strategy,” he said.

“Michael is now ready to lead the organisation into the future while maintaining stability and keeping the momentum going.”