Suncorp’s long serving chief executive John Mulcahy is to step down after six years leading the banking and financial services group.
Mulcahy will continue to lead the group while it transitions to a new chief executive who is as yet unnamed.
Suncorp shares are now in a trading halt as the banking and financial services group prepares to join the list of companies taking part in a capital raising.
Mulcahy said he believes stepping aside was appropriate while the current capital raising was underway.
The group has also announced its preliminary results for the six months ending December 31 2008. Suncorp’s expected profit before tax and Promina acquisition items for the period is to be in the range of $470-$500 million.
Suncorp’s half-year results will be announced on February 24.
In other news, Suncorp has appointed a new chief financial officer in its wealth management business.
