GPT's Cameron to head Suncorp

The chief executive of the property group GPT, Michael Cameron, will take over the helm at Suncorp.

Cameron is no stranger to banking and finance. He has served as the chief financial officer and head of retail banking at Commonwealth Bank and as chief financial officer at St George Bank. He has also held a senior position at National Australia Bank's wealth management division.

He has been CEO at GPT since 2009 and a non-executive director of Suncorp since 2012.

Cameron will replace Patrick Snowball, who will step down in October after six years in the job.

Snowball had to deal with some problems in the wake of the financial crisis, including a large book of non-performing commercial loans in the banking division and limited access to funding. He will leave the business in better shape than he found it.

Suncorp chairman Ziggy Switkowski said in a statement that, while on the Suncorp board, Cameron had endorsed the company's "one company, many brands" strategy.

Speaking on a teleconference yesterday, Cameron said the company had a clear strategy, which included organic growth rather than acquisition, and he would "keep the momentum going".