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Suncorp-Metway Appoints New CEO

Mr. Snowball, a former executive at Towergate Partnership, would start as Head of Brisbane-based Suncorp on September 1

Suncorp-Metway, Australia, has appointed Patrick Snowball as its CEO, replacing John Mulcahy, who stepped down in February after six years as CEO – reported Bloomberg.

Mr. Snowball, a former executive at Towergate Partnership, will start as Head of Brisbane-based Suncorp on September 1.

John Story, Chairman, Suncorp-Metway, said: “Patrick Snowball is uniquely qualified to lead Suncorp through a period of fundamental change and renewed growth as the Group reshapes itself to respond to the challenges of the external market.”

John Mulcahy wished to step down, after Suncorp in February slashed its dividend to bolster capital as the profit margins decreased. Earnings in all three of Suncorp’s businesses of banking, insurance and wealth management, declined during the six months ended December 31.