Number 2 insurer Suncorp has appointed former Commonwealth Bank senior executive John Mulcahy as its new MD and CEO to replace Steve Jones. By choosing a senior banker, the Brisbane-based allfinanz group has followed the example of market leader IAG, which head-hunted Michael Hawker late last year.

Mr Mulcahy has held a number of executive roles at CBA since 1995, including Group Executive Retail Banking Services, Head of Australian Financial Services and, most recently, Group Executive Investment and Insurance.

His strong operational background in banking and funds management helped Mr Mulcahy to beat what is described as an international field of competitors for the top job.

Suncorp Chairman John Lamble said Mr Mulcahy is a strong leader, qualified to drive the group to the next stage of its development. “We are very fortunate to secure such a high calibre executive,” he said. “We are very confident that John Mulcahy has all the qualities needed to continue the great performance that Suncorp has exhibited during the past six years.”

Mr Mulcahy says Suncorp “has been through a period of rapid growth and is now poised to reap the full benefits of the GIO acquisition. I am looking forward to playing a role in continuing the company's strong track record, building the franchise and growing returns to shareholders.”

CFO Chris Skilton, who has been acting CEO since Steve Jones’ departure, has been appointed a director of the group, and will continue as acting CEO until Mr Mulcahy comes aboard on January 6.