May 26, 2019 / 11:15 PM / 3 months ago

UPDATE 1-Australia's Suncorp says CEO Michael Cameron to step down

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May 27 (Reuters) - Australian insurer Suncorp Group on Monday said its Chief Executive and Managing Director Michael Cameron will leave the company after spending nearly four years in the role.

Suncorp chairman Christine McLoughlin said Cameron had made a considerable contribution, but added that “now was the right time for change.”

Suncorp’s shares have risen about 15% over Cameron’s tenure, which began in October 2015.

However, the group posted a 45% drop in its interim profit earlier this year, and flagged further weakness in the year due to increased hazards payouts and weaker investment returns.

Suncorp said Chief Financial Officer Steve Johnston will take over as acting CEO and Jeremy Robson will be appointed acting group CFO.

The company hoped to announce Cameron’s replacement in the latter part of the year. (Reporting by Ambar Warrick in Bengaluru; editing by Richard Pullin )

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