- Push-out Score determined
- After less than four years in the position
- Praise and thanks for Cameron
- Steve Johnston taking over in the interim
- Search for a successor
(exechange) — Brisbane, Australia, May 27, 2019 — Michael Cameron, chief executive of Suncorp, leaves. As announced by Suncorp Group Ltd. in a news release on Monday, May 27, 2019, Michael Cameron leaves his post as Chief Executive Officer at the Australian finance, insurance, and banking corporation after less than four years in the role.
The exact date of Michael Cameron’s departure from his post was not explicitly specified in the announcement.
Suncorp will undertake a search for a successor.
Michael Cameron’s duties will be taken over in the interim by Steve Johnston, most recently Chief Financial Officer of Suncorp Group Limited, as Acting Chief Executive Officer.
Jeremy Robson will step into the Acting Group CFO role while the Board completes the succession process. Robson has been with the Group for six years, most recently as Deputy CFO.
Suncorp has already removed the name of Cameron as Chief Executive Officer from the leadership page and lists Steve Johnston as Suncorp CEO & Managing Director.
“The right time for change”
Michael Cameron’s departure from the CEO post is explained as follows. Suncorp said: “Chairman Christine McLoughlin said that while Mr Cameron had made a considerable contribution, now was the right time for change. This will provide the opportunity for the Company to enhance its performance in a highly competitive and challenging external environment as Suncorp seeks to strengthen its core businesses by focusing on its customers, products and brands.”
Precise information regarding Michael Cameron’s future plans was not immediately available.
“Leaving the company”
Suncorp said: “CEO and Managing Director Michael Cameron will be leaving the company after almost four years in the role and seven years as a Board member.”
Share price decline
The announcement follows a decline in Suncorp Group Limited’s share price of 11 percent since August 2018.
In the position of CEO since 2015
To ensure a smooth transition, Cameron will remain employed in an advisory capacity until August 9, 2019 following the release of Suncorp’s full year results.
Michael Cameron was Suncorp’s CEO & Managing Director.
He was appointed to the role in October 2015, and prior to this he had been a non-executive director on the Suncorp Group Board from April 2012.
He has deep local and international experience across financial services and property.
Cameron was previously CEO & Managing Director of The GPT Group, one of Australia’s largest Real Estate Investment Trusts.
He has held the roles of Group Chief Financial Officer of the Commonwealth Bank of Australia and Group Executive of their Retail Bank Division.
He was also Chief Financial Officer at St George Bank until the sale of the business to Westpac Banking Corporation.
Prior to this, Cameron held a number of senior executive positions within Lendlease.
He is a director of the Great Barrier Reef Foundation, and he has held positions as Chairman of the Federal Government’s Financial Sector Advisory Council and NSW Treasurer’s Advisory Committee.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Suncorp and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 22.2019 ($).