Suncorp has appointed a new CEO of its banking and wealth arm as part of a wider shake-up across its business.
Clive van Horen will step into the vacant role on 4 August, and joins Suncorp from CBA. His most recent role was executive general manager for business customer solutions, with responsibility for business products across lending, deposits, merchants and payments as well as analytics and customer strategy.
“Clive has spent the last decade leading teams across CBA’s retail and business bank, and I am delighted that he is joining us to deliver banking and wealth’s critical contribution to the group’s success,” said group CEO Steve Johnston.
The appointment is part of a wider shake-up at Suncorp, which will see banking and wealth hold accountability for all banking and wealth operations, as well as customer strategy, finance, marketing and digital distribution. The changes are intended to improve the bank through “faster [decision-making], greater digital capability, and the ability to address the direct expense base”.
“The changes do not signal any shift of intent regarding the role of the bank which remains core to the group,” Mr Johnston said. “The changes provide further clarity around accountability, consistent with the BEAR regulatory requirements and will set the bank up for improved performance.”
The shake-up – which was accelerated by COVID-19 and the rash of natural disasters earlier this year – will also see the removal of the customer and digital function, with its functions reallocated to the banking and wealth businesses and Australian insurance business. Accountability for the performance of the Australian insurance business will be taken over by two executives – one focused on underwriting, distribution and marketing, and the other responsible for claims management and operations.
The current chief customer and digital officer, Lisa Harrison, will step into the role of CEO of insurance product and portfolio, while the new role of chief operating officer for insurance will be filled by Paul Smeaton. Incumbent CEO for Insurance (Australia) Gary Dransfield will leave Suncorp.
“We entered COVID-19 with a significantly de-risked business and a strong balance sheet and through this period further strengthened our funding, liquidity and capital buffers,” Mr Johnston said. “At the same time, COVID-19 has resulted in changes such as the faster adoption of digital channels by customers and new, more innovative and agile internal ways of working. It has changed our perspective on what is possible.
“We now need to seize this opportunity to speed up the execution of our priorities so we can continue to deliver for our people and customers, while growing returns and creating better outcomes for our shareholders.”