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Highlights

  • Chair Christine McLoughlin AM to retire at the September AGM after a decade on Suncorp's board, including seven years as chair.

  • Duncan West, current non-executive director, appointed as incoming chair, bringing over 40 years of experience in insurance and financial services.

  • Suncorp shares rise 1% on the news, extending 12-month gain to 10%.

Shares of Suncorp Group Ltd (ASX:SUN) rose 1% to AUD 21.69 in Friday morning trade, outperforming the broader ASX 200 index, which was up 0.6% at the time. The uptick comes following a leadership announcement that marks a significant change for the insurance giant.

Suncorp confirmed that Chair Christine McLoughlin AM will retire following the company’s Annual General Meeting in September. McLoughlin has served on the board for ten years and has held the position of chair for the past seven.

Her tenure included a period of major structural change for the group. Under her leadership, Suncorp transitioned into a pure-play general insurer, following the divestment of its banking division. The company noted that McLoughlin played a key role in finalising the bank sale and overseeing the return of capital to shareholders, while steering the business through volatile external conditions.

Reflecting on her departure, McLoughlin said she was proud of the shareholder value delivered during her time at the helm, especially given the challenges faced by the group. These included the COVID-19 pandemic, global supply chain disruptions, and record-breaking weather events.

She also highlighted her focus on board renewal, with appointments made to align the board's capabilities with Suncorp’s strategic objectives. “Together, with our CEO Steve Johnston, we have led Suncorp through a significant transformation to become a pure-play general insurance company,” she said.

In the same announcement, Suncorp named Duncan West as McLoughlin’s successor. West has served as a non-executive director for almost four years, and is currently the chair of the risk committee and a member of the audit committee. With over four decades of experience in the insurance and financial services industry, the board believes he is well positioned to lead Suncorp through its next phase.

McLoughlin expressed confidence in the leadership transition, saying, “Suncorp is well positioned to deliver on its ambition, and I am confident Duncan, and our CEO Steve Johnston together will continue to lead the business successfully into its next chapter.”

Duncan West brings a track record in both executive and governance roles, with expertise across risk, finance, and operations. His appointment is expected to provide continuity while also supporting the company’s long-term strategic ambitions.

Suncorp shares have gained 10% over the past year.