Promina shareholders yesterday overwhelmingly agreed to the proposed merger with Suncorp. About 707 million shares voted in favour, compared with 1.64 million proxy votes against.

With only a March 12 Federal Court hearing standing in the way, Suncorp CEO John Mulcahy is hastily preparing a management team to lead the combined banking and insurance entity. Presumably he’s had time to think about it, but it’s been well known in the industry that some senior Promina managers haven’t been impressed with the uncertainty surrounding their futures.

Mr Mulcahy will have to be quick, because there are plenty of potential employers waiting in the wings. Suncorp offered no hints about its future management structure before the vote, spokesman Jamin Smith telling Sunrise Exchange News the company was unable to approach Promina executives while it was still a competitor.

QBE CEO Frank O’Halloran has confirmed he will be looking closely at some of the Promina insurance talent. He says Suncorp has a big integration task ahead of it and QBE will be ready to seize any opportunity the process provides. There has also been market speculation that Promina founder and CEO Mike Wilkins will be snatched up by a leading competitor once his six-month consultancy period – less politely known as gardening leave – is over.

Suncorp CEO John Mulcahy says securing the best talent is his most immediate priority, but potential candidates shouldn’t expect any shortcuts.

“We will be undergoing a rigorous process to identify the strongest possible management team,” he said yesterday. “Our ongoing focus will be on capturing the best of both organisations, creating value for shareholders and ensuring our customers benefit from a broader range of market-leading products and services.”