SUNCORP ANNOUNCES NEW CEO

SUNCORP GROUP (ASX: SUN) will have a new CEO and managing director at its helm from October 2015.

SUN chairman Ziggy Switkowski has announced that Patrick Snowball will step down in six months from the positon he has held for six years and return to the UK.

Michael Cameron (pictured), current CEO and managing director of real estate investment trust GPT and SUN non-executive director, will be Snowball's successor.

Cameron has a background in finance and banking stretching thirty years, including senior leadership roles with St. George Bank, Commonwealth Bank, National Australia Bank, MLC, Lend Lease and Barclays. 

Switkowski honoured Snowball's achievements in a release to the market today.

"Patrick Snowball has steered the Suncorp Group through a major transformation which has simplified operations, realised efficiency benefits and strengthened the capital base," says Switkowski.

"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.

"He's certainly left a platform, a very strong platform, upon which Michael can build further."

Switkowski says Cameron, who has been on the SUN board for three years, is "the best of a character with internal insights but an external perspective".

He described Cameron as skilled at driving change and regarded for a disciplined capital management approach.

"I think these are going to be major qualities in his leadership of this organisation," says Switkowski.

"Michael's 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."

Cameron made a note of assuring the public today that he is "not looking to overhaul the business" and that "it certainly doesn't need that".

"The key thing is to continue the good work that's been done to date and just to maintain stability in the business and keep the momentum going," says Cameron.

"The business is in great shape and it's making sure that momentum isn't lost during this transition period."