'Right time for change': Suncorp CEO Michael Cameron to step down
The chief executive of Suncorp, Michael Cameron, is stepping down after nearly four years in the role, with the board declaring now is the "right time for change."
Chairman Christine McLoughlin said in an announcement to investors that a change in leadership would give the financial services group an opportunity to lift its performance.
She said Mr Cameron had overseen major changes to the banking and insurance company's technology systems, an increased focus on customers, and he had led the business during a period of major regulatory change.
“On behalf of the Board I would like to thank Michael for his leadership in accelerating our digital capability and in driving a customer-first culture,” she said.
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It is understood Mr Camreon's departure was mutually agreed to by him and the board. Ms Holgate said the board had "robust" internal succession planning, and it would also conduct a domestic and international search for potential candidates to fill the job.
Suncorp's shares have risen about 15 per cent over Cameron's tenure, which began in October 2015.
The change comes at a challenging time for financial services companies, and Suncorp earlier this year cut its dividend as it announced weak results for the six months to December, after being hit hard by natural disasters in the half.
It also warned of higher regulatory costs from the royal commission, and its banking division later revealed a soft start to the year, amid fierce competition in the mortgage market.
Mr Cameron, who will remain employed as an advisor until the company's full year results in August, said he was proud of what had been achieved during his time as CEO.
“Suncorp now has the digital foundations in place to enable it to be nimble and to seize opportunities. I believe
the business has great potential and will continue to enjoy success,” Mr Cameron said in a statement.
The company said its profits were in line with market expectations, and it will deliver its full year results on August 7.
More to come