The Chief Executive Officer (CEO) and Managing Director of Suncorp, Michael Cameron, is set to leave the company after nearly four years in the role.
The Chairman of the Australian insurer, Christine McLoughlin, noted that while Cameron had made a “significant contribution”, now was the “right time for change.”
Cameron had held the position of CEO and MD for almost four years, and served as a Board member for seven years. In a release on his departure, Suncorp notes that the outgoing CEO led a significant digital transformation of the insurer.
“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,” said McLoughlin.
Cameron will remain employed by the firm in an advisory capacity until August 9th, 2019 following the release of the company’s full-year results.
Cameron commented on his departure: “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.”
The firm has announced that in the interim, the Board has appointed Group Chief Financial Officer (CFO), Steve Johnston as Acting CEO.
“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,” said McLoughlin.
Johnston added: “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.”
The Board states that it hopes to be in a position to announce a new CEO later this year.
Deputy CFO Jeremy Robson will step into the Acting Group CFO role while the Board completes the succession process.