The chief executive of Suncorp Group will step down after leading the listed company for six years.
Suncorp Group chairman Ziggy Switkowski today announced that Patrick Snowball will step down in October 2015 and return to the UK.
The board has also announced the appointment of Michael Cameron to the position of group CEO and managing director with a start date of October 2015.
Mr Cameron is currently CEO and managing director of GPT, a position he has held for six years, and he has been a non-executive director of Suncorp Group since April 2012.
Mr Cameron has more than 30 years’ experience in finance and business having held senior leadership roles with St George Bank, Commonwealth Bank, National Australia Bank, MLC, Lend Lease and Barclays.
Dr Switkowski commended Mr Snowball for his exceptional leadership and acknowledged Suncorp’s progress during his tenure.
“Patrick Snowball has steered the Suncorp Group through a major transformation which has simplified operations, realised efficiency benefits and strengthened the capital base,” Dr Switkowski said.
"Today, we are a vastly improved diverse financial services business with good prospects and are providing attractive and sustainable returns to our shareholders.
“As importantly, Patrick has successfully fostered a culture of innovation, employee engagement, accountability and process discipline which provides a solid foundation upon which Michael can build,” he said.
Mr Snowball confirmed his commitment to leading the business as Mr Cameron transitions into the role.
“I remain focused on leading the team toward our full-year result and look forward to working with Michael as he transitions into the Group CEO role,” Mr Snowball said.
“While on the Board, Mr Cameron has endorsed Suncorp’s ‘One Company, Many Brands’ strategy that provides diversified financial services to the Group’s nine million customers across Australia and New Zealand,” he said.
“He brings a depth of relevant experience and this is the right appointment at the right time.”
Dr Switkowski said Mr Cameron was an outstanding candidate for the role.
“His understanding of Suncorp and the financial services industry combined with his disciplined and long-term approach to business makes him the ideal person to lead the company through its next phase of growth,” he said.