Australian insurance and banking heavyweight, Suncorp Group Ltd (ASX: SUN), today announced long-running CEO, Patrick Snowball, will be stepping down from his role later in the year.
Suncorp shares bounced 1.9% higher today on news current GPT Group (ASX: GPT) CEO, Michael Cameron, will take the reins at the financial institution from Mr Snowball, when he returns from the UK in October 2015.
Mr Snowball has been with Suncorp for six years and rebuilt the embattled retail bank and insurer after it was swamped with a huge amount of bad debts during the GFC.
Suncorp Chairman, Ziggy Switkowski, said, "Patrick Snowball has steered the Suncorp Group through a major transformation which has simplified operations, realised efficiency benefits and strengthened the capital base."
"Today, 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.
Mr Cameron, who's been with GPT Group for six years, has intimate knowledge of Suncorp's operations, given his appointment to the company's board in April 2012.
"His 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," Dr Switkowski said.
Mr Cameron commended Mr Snowball on his leadership at Suncorp over his tenure and looked forward to the next step. "After seeing Suncorp strengthen over the past three years, I'm looking forward to seeing the successful journey continue," he said.
Mr Cameron, who has many years of experience in the finance industry through leadership positions at St.George Bank, Commonwealth Bank of Australia (ASX: CBA) and National Australia Bank Ltd (ASX: NAB); will be paid a fixed remuneration of $2.1 million plus up to 150% of fixed remuneration in short-term incentives and an additional initial long-term incentive of $3 million.
GPT Group Chairman, Rob Ferguson, said Mr Cameron, "demonstrated outstanding leadership and added great value for GPT securityholders" during his time in the top job. He said GPT Group has had an internal succession process underway for some time, but will also consider external candidates for the CEO position.
