Mulcahy takes top job at Suncorp

FormerCommonwealth Bank (CBA)senior executive John Mulcahy has been appointed as managing director and chief executive officer ofSuncorp Metway.

The appointment follows the surprise departure of Steve Jones, who resigned from the top job at Suncorp in September of this year.

Jones was originally scheduled to leave the group in 2004. At the time of his departure, Jones commented that Suncorp was looking to enter its next phase of growth, the time frame of which extended beyond the balance of his contract.

Since originally joining CBA in 1995, Mulcahey has held a number of roles, including group executive of retail banking services, head of Australian financial services and, most recently, group executive of investment and insurance. He has also served as chief executive of Lend Lease Property Investment Services prior to his time at CBA.

Mulcahy will step into the role at Suncorp at the beginning of next year. In the interim period Chris Skilton will continue as acting chief executive, after which he will return to his duties as chief financial officer. Skilton has also been appointed to the Suncorp board as an executive director.

Mulcahy had been touted as a possible candidate for the top job at theSt George Bankwhen the position became vacant last year after the death of then chief executive Ed O’Neil.

The position eventually went to another of the Commonwealth Bank’s top executives, Gail Kelly.