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Suncorp Bank CEO departs

by Tim Stewart4 minute read
The Adviser

Suncorp Bank chief executive David Foster will leave Suncorp Group to be replaced by current chief financial officer John Nesbitt, effective 9 December.

Mr Foster leaves Suncorp after 10 years with the group – most recently having overseen the “successful completion” of the group’s non-core portfolio runoff, according to a statement posted on the ASX late yesterday.

The group announced a reduced profit of $491 million in August after it realised a $632 million loss with the sale of its so-called ‘bad bank’ of non-performing loans to Goldman Sachs in June.

Mr Foster will remain with the company in an advisory capacity during Mr Nesbitt's transition into his new role on 9 December.

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Suncorp deputy CFO Steve Johnston will step into Mr Nesbitt’s role as CFO.

Suncorp chief executive Officer, Patrick Snowball, said Mr Foster had led the Bank through “the most challenging period in its history”.

“I thank David for his valued contributions to the company over the past 10 years and wish him every success in his new ventures,” said Mr Snowball.

“The appointment of John Nesbitt to the Bank brings to bear more than 15 years of deep financial services experience as Suncorp Bank moves into the next phase of its growth and development,” he said.

“Steve Johnston’s appointment to the Group Chief Financial Officer role reflects his expertise and reputation for strong financial and strategic management over the past eight years at Suncorp,” said Mr Snowball.

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