Queensland's largest company looking for new CEO
SUNCORP is on the hunt for a new chief executive after the resignation of Michael Cameron after four years in the top job.
Mr Cameron will remain employed in an advisory capacity by Suncorp until August 9 following the release of its full year results.
In the interim, the board has appointed chief financial officer Steve Johnston as acting CEO of Queensland's largest company.
Chairman Christine McLoughlin said that while Mr Cameron had made a considerable contribution, now was the right time for change.
Suncorp said new leadership would provide it with the opportunity to enhance its performance in a highly competitive and challenging external environment and strengthen its core businesses.
Mr Cameron has been on the Suncorp board for seven years.
He said it had been a great privilege to lead Suncorp and he was proud of what had been achieved.
"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.
The Suncorp board hopes to announce the new CEO in the latter part of the year.
Ms McLoughlin said the interim CEO Mr Johnston is an extremely experienced executive and has a deep understanding of Suncorp's core insurance and banking businesses.
Suncorp said while the external operating environment remained challenging, it confirmed its 2019 financial year cash earnings are in line with market expectations.
"As noted at the interim result the external operating environment including natural hazards above allowance, investment market performance and unforeseen regulatory costs will impact the group's FY19 reported result and outlook," the company said.