New CEO promises steady hand

Suncorp has promoted from its board to replace outgoing CEO Patrick Snowball, appointing an experienced financial services hand, known for his restraint and discipline.

Michael Cameron is currently CEO of property group GPT, but served St George and Commonwealth Banks in various roles, including Group Executive at the latter.

He has also been on the Suncorp board since 2012.

Cameron says Suncorp is currently performing well and promised a measured leadership style, but acknowledged that driving change was an essential part of the CEO role.

“After seeing Suncorp strengthen over the past three years, I’m looking forward to seeing the successful journey continue,” he says.

“There’s no overhaul required. Patrick has done a fantastic job of turning the business around, fixing legacy problems, building an excellent team, and lifting performance. His simplification program has created a solid platform for further growth.”

Cameron has more than three decades experience in the financial services industry, having left high school in Year 10 to pursue an opportunity at an accounting firm in Western Sydney.

Suncorp Group Chairman Ziggy Switkowski praised Snowball’s tenure at Suncorp and his efforts completing a major transformation to simplify its operations and increase its efficiency.

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

“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.”

The appointment is effective from October.

Suncorp also recently overhauled its insurance leadership, appointing Andrew Mulvogue as the Commercial Insurance Distribution Executive General Manager.