Suncorp director Christine McLoughlin will become Chairman after the annual general meeting in September, as Ziggy Switkowski steps down after seven years in the role.

Ms McLoughlin has worked in financial services for more than 20 years and joined the Suncorp board three years ago. She is the remuneration committee chairman and a member of the risk committee.

“It continues to be a time of great change, and some stresses, for financial institutions and I look forward to embracing both the opportunities and challenges this brings,” Ms McLoughlin said.

“As incoming chairman, I will be continuing the conversation on how best to create long-term value for all our stakeholders.”

Dr Switkowski joined the board in 2005 and as Chairman has overseen a number of changes, including the appointment a new CEO, a corporate restructure and the launch of the group’s contentious Marketplace strategy.

“In her three years on the board, Christine has demonstrated a broad range of skills relevant to financial services,” he said. “This includes having an informed view with regards to innovation and disruption of traditional business models, as well as bringing a contemporary focus to governance processes within the group.”

A Suncorp spokesman told insuranceNEWS.com.au the chairman role comes up for re-election every three years and the change is part of the normal board life cycle.

Ms McLoughlin was the inaugural non-executive chairman of the Australian Payments Council and is a former director of Westpac’s life insurance, general insurance and lenders’ mortgage insurance companies.