The Suncorp Group Ltd (ASX: SUN) share price has opened lower today after the company announced some changes to its management line-up. SUN shares closed at $13.49 yesterday afternoon, but on open this morning, the same shares have opened at $13.47 and are swapping hands for $13.38 at the time of writing.
What did Suncorp announce?
According to the insurance giant, its current Banking & Wealth CEO David Carter will be leaving the Group in early 2020 to take up a role at the Royal Automobile Club of Queensland. Mr Carter had been responsible for the implementation of Suncorp's new digital banking strategy, as well as the company's Apple Pay and Google Pay payment options. A "robust recruitment process" has already commenced to search for Mr Carter's eventual replacement.
Also announced was the appointment of Suncorp's current Group General Counsel Belinda Speirs to the Senior Leadership Team reporting directly to the Group CEO, effective today. Ms Speirs will also assume responsibility for Company Secretariat, which Suncorp says is "bringing together (the) Legal, Corporate and Board Governance under one team."
Suncorp CEO Steve Johnson gave his congratulations to Mr Carter, saying "David has been a great contributor to the leadership team, and on behalf of everyone at Suncorp, we wish him well in his new role."
Mr Johnson also welcomes the promotion of Ms Speirs, stating "Belinda has done an outstanding job over the past six years at Suncorp, including leading the Group's response to the Royal Commission. She will prove a valuable addition to our Senior Leadership Team."
What does this mean for Suncorp?
Whether this shake-up marks a new era for the company remains to be seen. SUN shares are currently trading for less today than 5 years ago (albeit with a current 5.25% dividend yield), and have had a wild and volatile year so far, as you can see in the graph below.
Suncorp Group Ltd Chart and Price Data YTD 2019
At the current share price, Suncorp is in the middle of its 52-week trading range, so it could go either way from here. Suncorp investors would no doubt be hoping that the announcement today might lend some stability to the Suncorp share price going forward, but this remains to be seen.
