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Suncorp has announced that CEO and managing director Michael Cameron will be stepping down from his role, with group CFO Steve Johnston to serve as acting CEO while the Suncorp searches for Mr Cameron’s permanent replacement.
Commenting on the announcement, Suncorp’s chair, Christine McLoughlin, said that while Mr Cameron had made a “considerable contribution”, now was the right time for change, which she said would provide the opportunity for the company to “enhance its performance in a highly competitive and challenging external environment”.
“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.
Suncorp noted that to ensure a smooth transition, Mr Cameron will remain employed in an advisory capacity until 9 August 2019 following the release of Suncorp’s full-year results.
Following the announcement, Mr Cameron said: “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.”
Ms McLoughlin said Mr Johnston is an extremely experienced executive and has a deep understanding of Suncorp’s core insurance and banking businesses. He is best placed to lead Suncorp and build on the group’s multi-channel capability.
“Steve is highly regarded by his peers and has successfully served in various leadership roles in his 13 years at Suncorp. He has played an integral role in the transformation of Suncorp,” Ms McLoughlin said.
Mr Johnston said he was honoured to take on the role of acting CEO and lead this highly respected business.
“I recognise the importance of this role, especially during this challenging time for the financial services industry. I am truly passionate about what we do and confident in our future,” he said.
Ms McLoughlin noted that Suncorp has commenced searching for Mr Cameron’s permanent replacement, and will consider internal, external, domestic and international candidates.
The board plans to announce a new CEO in the latter part of the year.
Deputy CEO Jeremy Robson will step into the role of acting group CFO while the board completes the succession process. Mr Robson has been with the group for six years, most recently as deputy CFO.
[Related: Suncorp posts 3Q mortgage contraction]