Michael Cameron, the head of real estate investment trust GPT, is to be the new CEO of Suncorp.
He replaces Patrick Snowball, who leaves in October to return to the UK.
Cameron is currently CEO of GPT, a position he has held for six years. He’s also been a non-executive director of Suncorp since April 2012.
He has more than 30 years experience in finance and business, working for St George, Commonwealth, National Australia Bank, MLC, Lend Lease and Barclays. He was the CFO at St George from July 2007 until the sale to Westpac in December 2008
His starting salary will be $2.1 million, plus incentives including an initial long term plan for $3 million.
Cameron said he would apply a measured leadership style. However, driving change was a necessary and exciting part of the job.
“After seeing Suncorp strengthen over the past three years, I’m looking forward to seeing the successful journey continue,” he said.
“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.”
Suncorp posted a 15% increase in first half profit to $631 million.