Suncorp’s New Chief Enacts Senior Management Changes

Post by Sharat on October 22, 2009 · Under Business News, Company News, banking, insurance · Comment

Patrick Snowball, chief executive of Bancassurance group Suncorp-Metway has unveiled a shake-up of the company’s senior management team, announcing the appointment of two senior executives and saying goodbye to personal insurance boss Bernadette Inglis.

Suncorp announced that Mark Milliner who currently runs the company’s commercial insurance business would take over responsibilities currently handled by Ms. Inglis, whilst Anthony Day, a former Zurich Insurance executive who currently runs Suncorp’s intermediated distribution would replace Mr. Milliner.

Mr. Snowball is also expected to announce appointments for the positions of chief financial officer, chief risk officer and head of human resources, all of which are currently vacant.

Suncorp’s current head of human resources, Stuart McDonald will be leaving the company, Suncorp said in its statement.

Mr. Snowball is an insurance industry veteran, recruited from British insurance giant Aviva, and began his tenure as Suncorp chief executive in September.

Since starting with the company, Mr. Snowball has undertaken a strategic review of the group’s operations, met with analysts, investors and government representatives.

Mr. Snowball will be making his inaugural shareholder address, when the company holds its annual general meeting in Brisbane on Wednesday.

Mr. Snowball takes the helm of the company as it reported a 40 per cent decline in profits and a dividend cut of more than 50 per cent.

Suncorp saw its credit impairment charges rise tenfold to $710 million as the bancassurance group left itself exposed to leveraged plays such as Babcock & Brown.

The company also suffered from a weak performance of its insurance business, the largest of its kind in Australia, after being plagued by large numbers of claims resulting from a series of natural disasters.

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