Suncorp is likely to place a high priority on insurance experience when it selects a CEO to replace Michael Cameron, who stepped down last week, financial analysts say.

Well-regarded CFO Steve Johnston, who has been with the company 13 years, has taken over on an acting basis while the board undertakes an executive search.

Clime Asset Management’s Large Companies Portfolio Manager David Walker says it is unclear if Suncorp will prefer an external or internal candidate, but whoever it is should have insurance expertise.

“It is a highly specialised and complex industry and insurance companies need executives with that kind of experience,” he told insuranceNEWS.com.au.

Mr Cameron led property group GPT before taking on the Suncorp CEO role, but had previously sat on the company’s board.

Bell Potter Securities analyst TS Lim says most profits in Suncorp come from the insurance business, rather than banking, which should be a key consideration.

Mr Johnston is considered a strong candidate if the company decides to make an internal appointment.

Morningstar analyst David Ellis says it is likely Mr Johnston will be appointed.

Chairman Christine McLoughlin says it is the right time for change. The board has a “robust approach” to internal succession planning and will supplement this with a search to identify external domestic and international candidates, she says.

The board hopes to announce the new CEO later this year.