Australia's Suncorp says CEO Michael Cameron to step down
May 27 (Reuters) - Australian insurer Suncorp Group
on Monday said its Chief Executive and Managing Director Michael
Cameron will leave the company after spending nearly four years
in the role.
Suncorp chairman Christine McLoughlin said Cameron had made
a considerable contribution, but added that "now was the right
time for change."
Suncorp's shares have risen about 15% over Cameron's tenure,
which began in October 2015.
However, the group posted a 45% drop in its interim profit
earlier this year, and flagged further weakness in the year due
to increased hazards payouts and weaker investment returns.
Suncorp said Chief Financial Officer Steve Johnston will
take over as acting CEO and Jeremy Robson will be appointed
acting group CFO.
The company hoped to announce Cameron's replacement in the
latter part of the year.
(Reporting by Ambar Warrick in Bengaluru; editing by Richard
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