Suncorp’s new Group CEO Steve Johnston has a “clear vision” for the company’s future and wants to take it to “a new level of performance”.

The insurer announced the appointment of Mr Johnston earlier today. He replaces Michael Cameron, who had the role for four years and stepped down in late May, with Chairman Christine McLoughlin saying the time was right for a change.

Mr Johnston had been the favourite to succeed Mr Cameron, having already been selected to lead the company in an acting capacity.

Ms McLoughlin says he was “the outstanding candidate” following a “competitive and robust” global recruitment process.

“He has a clear vision for Suncorp’s future, a deep understanding of Australia and New Zealand’s financial services industry and the organisation,” she said.

“Steve’s vision for our company leverages our strong digital foundations, embraces an innovation mindset, builds on our customer-centric culture and invests in the capability of our people.”

Mr Johnston, 53, joined Suncorp in 2006 and served as CFO since 2013.

“We are focused on improving the performance in our banking, wealth and insurance businesses by implementing regulatory change, driving operational excellence and scaling our digital and data capabilities,” he said.

“I look forward to working closely with the board and our people to take Suncorp to a new level of performance.”

Mr Johnston has previously said it is time for Suncorp to “refocus on its insurance and banking identity” after confusing investors by trying to be the “Amazon of financial services”.

He also suggested market and analyst speculation the company was looking to spin off its bank was not well founded.

Suncorp says Deputy CFO Jeremy Robson will continue as Acting Group CFO while a recruitment process is completed.

Gary Dransfield, who was a candidate for the Group CEO position, continues as Insurance CEO.