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Dr Switkowski, who has been a Suncorp board member since 2005 and has served as chairman for almost seven years, will retire from the board following its annual general meeting on 20 September 2018.
It has been revealed that Christine McLoughlin, who is currently the chairman of the Suncorp Remuneration Committee, will replace Dr Switkowski as chairman of the board following his retirement.
The board thanked the outgoing chairman for his service, noting that he has “overseen significant board renewal, which has brought additional skills and experience appropriate to the changing environment within the financial services sector”.
Speaking of his upcoming retirement, Dr Switkowski said: “It has been a privilege to serve the company over the past 13 years. I am delighted with the board’s selection of Christine as the next chairman.
“In her three years on the board, Christine has demonstrated a broad range of skills relevant to financial services. This includes having an informed view with regards to innovation and the disruption of traditional business models as well as bringing a contemporary focus to governance processes within the group.
“I am confident that Christine will work well with the board, the CEO and managing director Michael Cameron, and senior management team to take this company to the next level of performance.”
Ms McLoughlin, who has worked in financial services for more than 20 years, first joined the Suncorp board in February 2015.
She was the inaugural chairman of the Australian Payments Council, is currently the chairman of Venues NSW and a director of nib holdings limited.
Ms McLoughlin has also served on the boards of Spark Infrastructure and Whitehaven Coal, having recently stepped down from both positions.
Speaking of her appointment, the incoming chairman said: “It is an honour to be appointed as the next chairman.
“It has been a great experience to serve under Ziggy’s leadership and he leaves Suncorp well positioned for the future.”
Ms McLoughlin added: “It continues to be a time of great change, and some stresses, for financial institutions, and I look forward to embracing both the opportunities and challenges this brings.
“As incoming chairman, I will be continuing the conversation on how best to create long-term value for all of our stakeholders.
“I look forward to working with my fellow directors and the Suncorp management team to continue to shape the Suncorp of tomorrow for our shareholders, customers and communities.”
[Related: Suncorp announces new board appointment]