Suncorp poaches CBA man as new chief
(Australia) - Brisbane based regional bank Suncorp Metway has announced the appointment of former Commonwealth Bank executive John Mulcahy as its new chief executive.
Mulcahy, formerly head of the CBA's investment and insurance group, will replace American Steve Jones, who resigned unexpectedly in September.
Mulcahy will receive a base salary of A$1.2 million, with short term bonuses in the order of A$800,000. His sign-on fee is 200,000 shares, and another 300,000 shares will follow based on performance hurdles.
Suncorp shares are currently travelling at around A$11.40.
Acting chief executive Chris Skilton will continue as CEO until Mulcahy takes up his five year appointment in January.
Mulcahy will receive a base salary of A$1.2 million, with short term bonuses in the order of A$800,000. His sign-on fee is 200,000 shares, and another 300,000 shares will follow based on performance hurdles.
Suncorp shares are currently travelling at around A$11.40.
Acting chief executive Chris Skilton will continue as CEO until Mulcahy takes up his five year appointment in January.
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