Suncorp CEO steps down; company sees change as 'opportunity to enhance performance'

Australian insurer Suncorp's chief executive officer (CEO) and managing director Michael Cameron has stepped down immediately after almost four years in the role and seven years as a board member.

Cameron will remain in an advisory capacity until August 9, 2019, following the release of Suncorp’s full-year results.

In the interim, the board has appointed group chief financial officer (CFO) Steve Johnston as acting CEO.

Additionally, Jeremy Robson will step into the acting group CFO role while the board completes the succession process, which will include a search of both external domestic and international candidates. Robson has been with the group for six years, most recently as deputy CFO.

The company hopes to announce the new CEO in the latter part of the year.

Suncorp said Cameron has led a significant digital transformation of the company, with an enterprise-wide focus on the customer and navigated the business through a period of unprecedented regulatory change.

However, it added that "now was the right time for change" as the company sees this as an opportunity 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,” said Suncorp chairman Christine McLoughlin.

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.”

McLoughlin added that Johnston has a deep understanding of Suncorp’s core insurance and banking businesses, and 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,” she said.

Johnston commented: “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.”