The Australian Prudential Regulation Authority (APRA) has appointed former Suncorp Life Australia and New Zealand chief executive, Geoff Summerhayes, as a full-time member from 1 January 2016 up to and including 31 December 2020.
Federal Treasurer, Scott Morrison, made the announcement today, adding that Helen Rowell, who joined APRA in 2002, has been appointed as the full-time deputy chair for a term up to and including 30 June 2018.
APRA welcomed the appointments, with chairman, Wayne Byres saying Summerhayes would bring commercial acumen and experience to the position.
"I look forward to working with Helen and Geoff to ensure APRA continues to perform its responsibilities effectively and efficiently, for the benefit of the Australian community," he said.
Summerhayes announced in June that he would depart Suncorp Life in September after commencing the role in May 2008.
He has also held senior roles in the Financial Services Council, National Australia Bank and MLC, and Lend Lease and has more than 20 years of property and financial services experience.
He will have particular focus on APRA's activities in general, life, and private health insurance, APRA said.
Rowell will continue to look after superannuation matters within APRA for the duration for her five-year term.