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Insurance and banking company Suncorp (ASX: SUN) has announced CEO and managing director Michael Cameron will be stepping down.
In his four years in the role and seven years on the board, Cameron is credited with leading a significant digital transformation for Suncorp and navigating the business through a period of unprecedented regulatory change.
Suncorp will be on the hunt for domestic and international candidates to replace Cameron, who will remain employed in an advisory capacity until 9 August following the release of Suncorp's full year results.
In the interim, group CFO Steve Johnston will serve as acting CEO.
Chairman Christine McLoughlin says while Cameron has made a considerable contribution, now is the right time for change, giving Suncorp the opportunity to enhance its performance in a highly competitive and challenging 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," says McLoughlin.
Cameron says it has been a privilege to lead Suncorp and he is proud of what has 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," he says.
Johnston says he is honoured to take on the role of acting CEO and lead the 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 says.
"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," notes McLoughlin.
Cameron is not the only high-profile executive departure today, after Healthscope (ASX: HSO) announced its CEO Gordon Ballantyne would be stepping down from the role following a scheme of arrangement on 6 June for the company's acquisition by Brookfield.
There have been other leadership appointments as well including Jens Monsees becoming CEO of communications group WPP AUNZ (ASX: WPP) and Philippa Lewis' appointment as CEO of healthcare technology company HomeStay (ASX: HSC).
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