SUN CEO exits early, CFO next
(25 February 2009 – Australia) Suncorp Metway has announced that CEO John Mulcahy will make an earlier than expected exit, while the group’s CFO will soon be following suit.
After announcing a first half profit fall to A$258m, the banking and insurance company announced that the CEO transition recently announced would be brought forward to early next month.
Suncorp confirmed managing director and CEO, John Mulcahy, would leave the group on the 2nd March 2009.
Chief financial officer, Chris Skilton, will be acting CEO until a successor to Mulcahy is appointed.
Mulcahy and the Suncorp Board agreed this would be an appropriate time for Mulcahy to step aside following successful completion of the recent institutional capital raising and finalisation of the 2009 interim accounts.
Given this, the Suncorp board said that they are comfortable that Mulcahy can step aside without disruption to the group’s operations or short term objectives.
Skilton, who has been the Suncorp CFO and an executive director for the past eight years, will also leave Suncorp after the new CEO has had the opportunity to appoint a replacement CFO.
Skilton said that he believes the incoming CEO should be given every opportunity to refresh the senior team by appointing a new CFO.
Suncorp confirmed managing director and CEO, John Mulcahy, would leave the group on the 2nd March 2009.
Chief financial officer, Chris Skilton, will be acting CEO until a successor to Mulcahy is appointed.
Mulcahy and the Suncorp Board agreed this would be an appropriate time for Mulcahy to step aside following successful completion of the recent institutional capital raising and finalisation of the 2009 interim accounts.
Given this, the Suncorp board said that they are comfortable that Mulcahy can step aside without disruption to the group’s operations or short term objectives.
Skilton, who has been the Suncorp CFO and an executive director for the past eight years, will also leave Suncorp after the new CEO has had the opportunity to appoint a replacement CFO.
Skilton said that he believes the incoming CEO should be given every opportunity to refresh the senior team by appointing a new CFO.
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