Suncorp (SUN) lose their CEO
Stock
Suncorp (SUN) $13.68 as at 27/05/2019
Event
Insurer and bank Suncorp has under performed the flat market today, slumping on news CEO Michael Cameron will exit after nearly 4 years in the top job.
The news surprised the market coming just weeks from the end of financial year, with CFO Steve Johnston to move into the acting CEO role. The company did try to allay fears the exit comes ahead of a soft result reiterating that FY19 cash earnings will be ‘in line with market expectations.”
Michael had guided Suncorp through the sale of its life insurance business earlier this year, as well as beginning of a significant technology investment plan which has greatly increased the company’s digital footprint. Suncorp expect a full time replacement by the end of the year.
Suncorp (SUN) Chart
Market Matters Take/Outlook
