Suncorp share price on watch after naming its new CEO

The Suncorp Group Ltd (ASX:SUN) share price will be on watch after naming its new CEO this morning…

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The Suncorp Group Ltd (ASX: SUN) share price will be on watch this morning after the insurance giant named its new chief executive officer.

According to the release, Suncorp has appointed Steve Johnston as its new group chief executive officer effective immediately.

Mr Johnston had been serving as the company's acting group chief executive officer since the departure of Michael Cameron in May after almost four years in the role.

Chairman Christine McLoughlin advised that the board's decision to appoint Mr Johnston followed a competitive and robust recruitment process which included high-calibre global and local candidates.

She said: "Steve was the outstanding candidate. He has a clear vision for Suncorp's future, a deep understanding of Australia and New Zealand's financial services industry and the organisation, as well as high regard and confidence from his colleagues. The Board is delighted that he has accepted the offer to lead the company at an important juncture in its history, as it seeks to take a leadership position in the newly defined and dynamic operating environment."

"Steve's vision for our company leverages our strong digital foundations, embraces an innovation mindset, builds on our customer-centric culture and invests in the capability of our people. The Board is confident in his ability and drive to achieve results and deliver for both our customers and shareholders," Ms McLoughlin added.

Mr Johnston was very pleased with being appointed the new group chief executive officer and appeared optimistic on the company's future.

He said: "Having worked for Suncorp for nearly 14 years, I have acquired a deep understanding of our banking, wealth and insurance operations, and have immense pride and passion for Suncorp and our people."

"We are focused on improving the performance in our banking, wealth and insurance businesses by implementing regulatory change, driving operational excellence and scaling our digital and data capabilities. I look forward to working closely with the Board and our people to take Suncorp to a new level of performance," he added.

The company's deputy chief financial officer, Jeremy Robson, will continue in that role whilst a robust recruitment process is undertaken considering internal and external candidates.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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