Suncorp chief executive steps down
Suncorp’s long serving chief executive John Mulcahy is to step down after six years leading the banking and financial services group.
Mulcahy will continue to lead the group while it transitions to a new chief executive who is as yet unnamed.
Suncorp shares are now in a trading halt as the banking and financial services group prepares to join the list of companies taking part in a capital raising.
Mulcahy said he believes stepping aside was appropriate while the current capital raising was underway.
The group has also announced its preliminary results for the six months ending December 31 2008. Suncorp’s expected profit before tax and Promina acquisition items for the period is to be in the range of $470-$500 million.
Suncorp’s half-year results will be announced on February 24.
In other news, Suncorp has appointed a new chief financial officer in its wealth management business.
Recommended for you
The director of Ascent Investment and Coaching, Michael Dunjey, has been charged with 33 criminal offences.
Adviser Ratings’ latest financial landscape report finds there is a demographic of advice practices achieving an average revenue of $5 million, with only 3 per cent of practices overall seeing a revenue decline.
The FAAA is calling for regulators to take a partnership approach with financial advisers regarding incoming legislation, rather than treating the industry as “guinea pigs”.
There have been strong numbers of returning advisers this year so far, according to Wealth Data, already surpassing the same period for 2024.
