SUNCORP LIFE BOSS RESIGNS

SUNCORP LIFE BOSS RESIGNS

SUNCORP Group (ASX:SUN) has reshuffled its life insurance management team, with CEO Geoff Summerhayes to step down at the end of September.

The Suncorp Life head will remain with the group in an advisory positon until January 2016, to serve on the Financial Services Council board and respond to the Trowbridge Report.

Vero New Zealand CEO Gary Dransfield will return to Australia to take the helm in the interim.

Summerhayes says there is good momentum within Suncorp Life, signalling an appropriate time for a leadership transition.

"It is performing in line with expectations and customer and employee metrics are high," Summerhayes says.

"The time is now right for me to pursue other opportunities. I've thoroughly enjoyed my time at Suncorp and wish the team well in taking the business forward."

Dransfield has more than 25 years retail financial services experience, and joined Suncorp in 2009. He was appointed CEO at Vero New Zealand in 2011.

Suncorp CEO Patrick Snowball says Summerhayes has demonstrated exceptional leadership during a challenging period at Suncorp Life.

"I thank Geoff for his valuable contributions to the company over the past seven years and wish him every success in his new ventures," he says.

Statutory claims commercial insurance manager Paul Smeaton will replace Dransfield as CEO at Vero.

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