Duncan West departs as Suncorp takes over
Suncorp-Metway has revealed its post-takeover management team following its $7.9 billion takeover with Promina.
Unsurprisingly, the new team is heavily weighted with Suncorp executives (six of the 10 appointments), with Vero CEO Duncan West’s omission the only real surprise.
Mr West left the company on Friday, and Vero is now under the control of Suncorp’s Commercial Insurance Group Executive Mark Milliner.
Mr Milliner has a long track record at Suncorp, including managing the GIO merger in 2001, and only took over the commercial insurance arm in July last year.
Two of the Promina survivors are Roger Bell, formerly Promina’s head of strategy and operations in New Zealand, who has been retained as Vero NZ Group Executive. Suncorp hasn’t previously had a presence in the NZ market. Robert Belleville, former Direct General Insurance CEO at Promina, is now the Personal Insurance Group Executive.
Dennis Fox, who worked for Promina’s financial services division, will be Suncorp’s new Group Executive Wealth Management.
In the only outside appointment, former Telstra CIO Jeff Smith has been brought in as Information Technology Group Executive. Suncorp’s central services unit head, Diana Eilert – who once headed up the general insurance operation – has been left out. She and Mr West are the only top-level casualties.
Former Suncorp Group Executive for personal lines Mark Blucher will head the integration efforts as Group Executive.
David Foster, who has led Suncorp strategy for the past three years, will take up his new post as Retail Banking Group Executive.
Other appointments include Bernadette Inglis as Group Executive, Strategy, People and Corporate Services; and Stuart McDonald as Group Executive, Business Banking.
Unsurprisingly, the new team is heavily weighted with Suncorp executives (six of the 10 appointments), with Vero CEO Duncan West’s omission the only real surprise.
Mr West left the company on Friday, and Vero is now under the control of Suncorp’s Commercial Insurance Group Executive Mark Milliner.
Mr Milliner has a long track record at Suncorp, including managing the GIO merger in 2001, and only took over the commercial insurance arm in July last year.
Two of the Promina survivors are Roger Bell, formerly Promina’s head of strategy and operations in New Zealand, who has been retained as Vero NZ Group Executive. Suncorp hasn’t previously had a presence in the NZ market. Robert Belleville, former Direct General Insurance CEO at Promina, is now the Personal Insurance Group Executive.
Dennis Fox, who worked for Promina’s financial services division, will be Suncorp’s new Group Executive Wealth Management.
In the only outside appointment, former Telstra CIO Jeff Smith has been brought in as Information Technology Group Executive. Suncorp’s central services unit head, Diana Eilert – who once headed up the general insurance operation – has been left out. She and Mr West are the only top-level casualties.
Former Suncorp Group Executive for personal lines Mark Blucher will head the integration efforts as Group Executive.
David Foster, who has led Suncorp strategy for the past three years, will take up his new post as Retail Banking Group Executive.
Other appointments include Bernadette Inglis as Group Executive, Strategy, People and Corporate Services; and Stuart McDonald as Group Executive, Business Banking.