Suncorp names new chief executive

In a statement to the ASX, Suncorp said Michael Cameron has been appointed as group chief executive and managing director and will start in the role following Mr Snowball’s departure.

Currently, Mr Cameron is the chief executive and managing director of GPT and has also been a non-executive director of Suncorp since April 2012.

Mr Cameron has also held a number of senior leadership roles with St George Bank, Commonwealth Bank, National Australia Bank, MLC, Lend Lease and Barclays.

Commenting on Mr Snowball’s departure, Suncorp chairman Ziggy Switkowski said in the six years he has held the top job he has “steered the Suncorp Group through major transformation”.

“We are a vastly improved diverse financial services business with good prospects and are providing attractive and sustainable returns to our shareholders,” Dr Switkowski said.

“As importantly, Patrick has successfully fostered a culture of innovation, employee engagement, accountability and process discipline which provides a solid foundation upon which Michael can build.

“[Mr Cameron’s] understanding of Suncorp and the financial services industry combined with his disciplined and long-term approach to business makes him the ideal person to lead the company through its next phase of growth,” he said.