In a statement issued to the ASX, Suncorp Group named Gary Dransfield, chief executive of Vero New Zealand – which is a part of the Suncorp Group – as the interim life CEO, effective 1 October 2015.
Mr Summerhayes, who will step down from his role at the end of September 2015, will remain with the group in an advisory position until 1 January 2016.
During that time he will represent Suncorp in relation to the Trowbridge Report and on the board of the Financial Services Council.
Mr Dransfield has worked in the retail financial services industry for 25 years and has held positions with St George Bank, AMP and IAG.
Gary,
All the best with the life company, I understand big decisions and lots of work to be done in Distribution.
Captured Clients from the Bank and WealthSmart products will hopefully keep The Life Company going.
Kind regards,
Adrian Totolos.
Geoff,
All the best in retirement.
I trust that you spend it well with the family and on the beach, before other opportunities arise.
Kind regards,
Adrian Totolos.
There have been sharemarket analyst calls for some time for Suncorp to sell off Asteron. With the FSC killing off the advised insurance industry, the value of that asset must have plummeted, and will surely drag down the Suncorp share price. As Summerhayes was the Suncorp representative on the FSC, shareholders would expect nothing less than his immediate departure.
Summerhayes has been one of the ringleaders of the changes that will lead to chronic underinsurance problems in Australia.
Perhaps he has resigned out of shame. Sally Loane should do likewise.