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Suncorp Group appoints new CEO

A non-major has announced the appointment of a new group managing director and CEO. 

Suncorp has appointed Steve Johnston as group chief executive officer and managing director, effective immediately.

Mr Johnston has been serving as acting CEO since May, following the resignation of former group CEO Michael Cameron. 

Suncorp chairman Christine McLoughlin said the board’s decision to appoint Mr Johnston followed a “competitive and robust recruitment process”. 

“Steve was the outstanding candidate. He has a clear vision for Suncorp’s future, a deep understanding of Australia and New Zealand’s financial services industry and the organisation, as well as high regard and confidence from his colleagues,” she said. 

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“The board is delighted that he has accepted the offer to lead the company at an important juncture in its history, as it seeks to take a leadership position in the newly defined and dynamic operating environment.”

Ms McLoughlin added: “Steve’s vision for our company leverages our strong digital foundations, embraces an innovation mindset, builds on our customer-centric culture and invests in the capability of our people.

“The board is confident in his ability and drive to achieve results and deliver for both our customers and shareholders.”

Mr Johnston, who previously served as Suncorp’s group chief financial officer, commented: “Having worked for Suncorp for nearly 14 years, I have acquired a deep understanding of our banking, wealth and insurance operations, and have immense pride and passion for Suncorp and our people.” 

Mr Johnston said he was proud of Suncorp’s response to natural disasters, which had impacted customers and communities across Australia and New Zealand, and added that he would be focused on driving reform in the business. 

“The serious bushfires currently impacting areas of southern Queensland and northern New South Wales reinforce the important role we play in society.

“As well as getting our customers back on their feet, I’m committed to ensuring that every Australian has access to affordable, relevant and valuable financial services products, while balancing the needs of customers, communities and shareholders,” he said.

“We are focused on improving the performance in our banking, wealth and insurance businesses by implementing regulatory change, driving operational excellence and scaling our digital and data capabilities.” 

He concluded: “I look forward to working closely with the board and our people to take Suncorp to a new level of performance.”

Suncorp noted that deputy CFO Jeremy Robson will continue to serve as acting group CFO while a recruitment process is considering internal and external candidates.

[Related: Suncorp CEO steps down

Suncorp Group appoints new CEO
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