Suncorp CFO to step up

Suncorp’s long standing chief financial officer (CFO), Chris Skilton, will be taking the unusual move of stepping into the top job while a replacement for outgoing chief executive officer (CEO) John Mulcahy is found, at which time he will step out of the company altogether.

Skilton will act as chief executive of the group for an interim period when Mulcahy leaves on March 2.

Skilton has been the group’s CFO and an executive director for the past eight years, and said while he is looking forward to “the challenges of leading the group through its transition period … I also strongly believe the incoming CEO should be given every opportunity to refresh the senior team by appointing a new CFO”.

Skilton said that after eight years with the group and having served under two chief executives, he is ready for new challenges. In the meantime, he will receive almost $42,000 a month extra for taking on the top job.

Mulcahy will receive a $2 million payout — equivalent to 12 months remuneration — when he walks away from the group, as well a payment for accrued leave and relocation costs.

Chairman John Story said the board is satisfied that Mulcahy can step aside without disruption to the group’s operations or short-term objectives.

The group is now undertaking a review of the objectives and plans for each of the group’s businesses to address the current conditions.

Mulcahy said he believes the group will “realise its enormous potential once conditions normalise”.

Clayton Herbert, executive general manager of Suncorp’s group finance for the past eight years, will step in as acting CFO.