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After presiding over the Suncorp Group (ASX: SUN) board during the structural overhaul of selling its banking division to ANZ (ASX: ANZ), including the regulatory and operational challenges of such a monumental change, the insurer's chairman Christine McLoughlin AM has decided to retire.
McLoughlin has been on the Suncorp board for 10 years and has been its chairman for seven years since replacing Ziggy Switkowski AO, who had served in the role for a similar duration.
When she steps down at the end of the company's annual general meeting (AGM) on 25 September, McLoughlin will be replaced by current non-executive director Duncan West, who has been on the board since 2021 and chairs both its risk and audit committees.
The group highlights her contribution to Suncorp's simplification and transition to becoming a pure-play general insurer, and delivering a return to shareholders a return of capital of $4.1 billion from the $4.9 billion bank sale.
"“I am proud of the value that has been delivered to our shareholders, through a period when we have faced significant challenges, including the COVID-19 pandemic, supply chain disruptions, and unprecedented weather events, and a very complex process to sell Suncorp Bank, whilst also delivering meaningful outcomes for our customers," McLoughlin says.
"I am grateful for the trust and support of our shareholders throughout this journey. We have built a significantly more resilient business including investment in transformative technology.”
McLoughlin says that during her tenure she prioritised ongoing board renewal with skills complementary to Suncorp's strategic direction, and has enjoyed working with a committed group of board colleagues.
"Together, with our CEO Steve Johnston, we have led Suncorp through a significant transformation to become a pure-play general insurance company," she says.
The group highlights the deep industry, governance and board expertise of her replacement Duncan West, with more than 40 years of experience in the insurance and financial services sector.
"It is a privilege to have the opportunity to guide Suncorp as a dedicated general insurance company and continuing to deliver outcomes for shareholders, customers and communities," West says.
"Suncorp is well positioned to deliver on its ambition, and I am confident Duncan, and our CEO Steve Johnston together will continue to lead the business successfully into its next chapter," McLoughlin adds.
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