September 8, 2019 / 10:55 PM / 12 days ago

UPDATE 1-Australia's Suncorp appoints veteran Steve Johnston as CEO

(Adds background, comment)

Sept 9 (Reuters) - Australian insurer Suncorp Group on Monday announced the appointment of company veteran Steve Johnston as chief executive and managing director.

Johnston, who has worked with the firm for nearly 14 years, took over as acting CEO in May following the surprise departure of Michael Cameron after a nearly four-year stint.

The Queensland-based firm in August announced a more than 80% decline in net profit for the year, due to increased hazardous payouts and higher regulatory costs.

“We are focused on improving the performance in our banking, wealth and insurance businesses by implementing regulatory change, driving operational excellence and scaling our digital and data capabilities,” Johnston said in a statement.

Suncorp said Deputy Chief Financial Officer, Jeremy Robson, will continue in the role of acting group CFO. (Reporting by Niyati Shetty in Bengaluru; editing by Richard Pullin)

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