Effective from 2 September, the group will see changes to its executive leadership team to support its future as a “dedicated trans-Tasman insurer” following the completed sale of its banking arm to ANZ.
Suncorp has appointed its current group executive for completion and transition, Belinda Speirs, to the newly created role of chief people officer, legal and corporate services.
Based in Brisbane, Speirs’ new capacity will see Suncorp bring together its people and culture, legal and secretariat, procurement, partnering and real estate functions.
As such, Fiona Thompson, group executive people, culture and advocacy, will depart the company later this calendar year.
Thompson has held a number of senior roles since joining Suncorp in 2001, including as chief risk officer, and has been a member of the executive leadership team since 2016.
Moreover, Adam Bennett, group executive technology and operations, will assume responsibility for the delivery of the transitional services agreements (TSAs) with ANZ to provide a range of services to Suncorp Bank, the majority of which are planned to be exited within two years and the remainder exited no later than five years.
Suncorp Group chief executive Steve Johnston said the changes reflect Suncorp’s new chapter as a pure play insurer.
“The changes also reflect legislative amendments made by the Queensland Parliament through the Metway Merger Act as part of the bank sale and our requirements to deliver on the TSAs with ANZ,” Johnston said.
“Having worked across a broad range of corporate functions since joining Suncorp in 2013, including as our group general counsel, Belinda is well placed to lead our newly created people, legal and corporate services function.
“I would also like to take the opportunity to thank Fiona for her extraordinary leadership, significant contribution and dedication over her 23 years with Suncorp and I wish her well in the future,” he said.
On Thursday, Suncorp’s 3,000 employees and 1.2 million customers joined ANZ, marking almost two years since ANZ first announced the $4.9 billion deal.
The completion of the acquisition follows the commencement of Queensland legislation amending the Metway Merger Act this week, the remaining condition to facilitate the deal.
“I’m pleased the bank has been handed over in good shape to ANZ, reflecting our clear strategy to improve its overall performance and risk maturity over the past four years, and I wish the team continued success in the future,” Johnston said on Wednesday.
“As a pure play insurer, Suncorp Group can now look forward to investing in our business and delivering greater value for our customers and communities as well as our shareholders.”
