Insurance rules at Suncorp
Suncorp is losing its corporate memory. After changes to its group executive team yesterday, there are only three members of the group that came together under John Mulcahy following the merger of Suncorp and Promina in March 2007.New chief executive Patrick Snowball has made it clear that he wants experienced insurance people in senior insurance roles. He has replaced Bernadette Inglis, who had a background in banking, as group executive of the personal insurance business.The new leader of personal insurance is Mark Milliner, who moves from the commercial insurance division.Milliner, who has been at Suncorp since 1994, is one of the old-timers. The others are Roger Bell, group executive Vero New Zealand, who has 33 years at Promina and Suncorp, and David Foster, group executive banking.Of the executive management team that emerged from the merger John Mulcahy, Chris Skilton, Robert Belleville, Dennis Fox and Mark Blucher have gone.Milliner's replacement as head of commercial insurance is Anthony Day, who came to Suncorp from Zurich in 2008 to look after intermediated distribution in commercial insurance. David Foster remains in place as group executive banking, a position he took up in August last year.No other changes were announced in the bank, a business currently seeking to run-down unwanted assets and that experienced intense operational difficulties - namely a run on deposits - at the height of the financial crisis a year ago.Geoff Summerhayes, who joined Suncorp in May last year to take over the wealth management division, now called Suncorp Life, from the retiring Dennis Fox, remains in his role.Jeff Smith carries on as group executive business technology. He came to Suncorp at the time of the merger.Bell remains group executive Vero New Zealand.Snowball is in the unusual position of having two members of his executive management team in acting roles. Clayton Herbert, general manager group finance, has been filling in for former CFO Chris Skilton, and acting chief risk officer Andrew Harmer is on a six-month secondment from Ernst & Young.Snowball ditched the executive responsible for strategy, human resources and corporate affairs, Stuart McDonald.The new head of human resources may be a dedicated role and that person will serve on the group executive.There was no mention in the announcement of who will look after strategy or whether a search is underway, but that task must really be handled by Snowball at present.John Mulcahy faced a lot of pressure from institutional investors to retain the best talent from the two businesses and he was heavily criticised when people like Mike Wilkins, former Promina chief executive, were lost. Two years on no one seems to be worried about the departure of most of the old team.