Suncorp CEO makes exit
(6 February 2009 – Australia) Suncorp’s Chief Executive Officer, John Mulcahy, has announced that he will step down from his role after six years in the position.
On the morning of the announcement, Suncorp shares were suspended. It was revealed that the group needed to raise up to A$1.3 billion at a 37 percent discount to its current trading price through a rights issue.
Mulcahy will continue his leadership of the banking and insurance company while Suncorp transitions to a new CEO.
During his tenure as the boss of Suncorp, Mulcahy has been through the transformation of Suncorp through the integration of GIO and, more recently, the acquisition and integration of Promina.
Mulcahy said that with a capital raising under way, it was an appropriate time for the board to advise of their intention to commence the transition of leadership to focus on the next phase of the group's development.
Suncorp Chairman John Story said that as a consequence of his leadership and vision, the resources and capacities of the organisation are stronger.
Mulcahy will continue to be a director of the company until he ceases to be the CEO.
Mulcahy will continue his leadership of the banking and insurance company while Suncorp transitions to a new CEO.
During his tenure as the boss of Suncorp, Mulcahy has been through the transformation of Suncorp through the integration of GIO and, more recently, the acquisition and integration of Promina.
Mulcahy said that with a capital raising under way, it was an appropriate time for the board to advise of their intention to commence the transition of leadership to focus on the next phase of the group's development.
Suncorp Chairman John Story said that as a consequence of his leadership and vision, the resources and capacities of the organisation are stronger.
Mulcahy will continue to be a director of the company until he ceases to be the CEO.
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