Snowball faces fresh scrutiny over departure date
Suncorp Group CEO Patrick Snowball is likely to face questions on the timing of his departure at Wednesday’s half-year results briefing.
As well as the analyst briefing, Mr Snowball will also face a media conference later in the day.
Appointed CEO in September 2009, speculation about his plans has been simmering amid reports he is keen to return home to the UK. Two years into his term Mr Snowball assured the board he would complete his transformation of the group and stay on “at least” until this year.
Now the question is: when this year?
Last week Chairman Ziggy Switkowski gave the speculation a kick along when he seemed to tell the Australian Financial Review (AFR) Mr Snowball would likely be CEO until the end of the year.
“About the turn of this calendar year is about when we should have Patrick’s successor identified,” Dr Switkowski said. “We have generally been thinking that the end of this year is a time when we need to be ready with our succession well-advanced.”
A leaked email to staff in which Mr Snowball sought to scotch internal speculation was equally spare of detail.
“Many of you may have seen the article in the AFR this morning where Suncorp Chairman Ziggy Switkowski is quoted saying the board is beginning to prepare for my successor and that the likely timing is towards the end of 2015,” Mr Snowball said in the email.
“I want to assure you that my priority is and continues to be on delivering our 2015 market commitments… it is vital that we stay focused on our priorities and I thank you for your continued support.”
Mr Snowball warned staff to expect media speculation “over the next few months”.
For now, he is not commenting further.
Suncorp has released a brief statement in a bid to shut down the issue: “As the Chairman has indicated, it is prudent that the board has an active succession planning process and we will not comment further on any market speculation.”
That may change this week, thanks to the timing of Suncorp’s half-year results and Mr Snowball’s meetings with inquisitive analysts and journalists.