BRISBANE, March 30, 2026, 05:12 AEST
Suncorp Group said Chief Executive Steve Johnston will take temporary leave while he recovers from a medical procedure, with Chief Financial Officer Jeremy Robson stepping in as acting CEO. Neil Wesley, who leads strategy, corporate development and investor relations, will serve as acting CFO.
The handover lands just before Suncorp is due to pay its interim dividend on March 31. It also comes after a rough first half for the Brisbane-based insurer, which has been trying to reassure investors that heavy weather claims hurt earnings but did not knock the business off course. Suncorp did not give a return date for Johnston, saying only that the absence would be for a “short period.” 1
When Suncorp reported half-year results in February, cash earnings fell 67% to A$270 million after nine severe weather events pushed costs from natural disasters to A$1.32 billion. Johnston said the “underlying business remains resilient” even as the company handled more than 71,000 claims and kept its premium-growth outlook at the bottom of the mid-single-digit range. 2
The company also said in February that it had completed A$168 million of its share buyback in the half and still planned to return about A$400 million through the program by the end of the 2026 financial year. 3
Suncorp shares were last indicated at A$16.42 on Friday, up 0.12%, according to Reuters market data. 4
Analyst caution has not gone away. Citi analyst Nigel Pittaway said after the February result that Suncorp’s stock had held up better than he expected, while Barrenjoey’s Andrew Adams said the numbers could “open the debate” over the sustainability of longer-term forecasts. 5
Johnston has led Suncorp since September 2019, after earlier serving as group CFO. Robson has been CFO since December 2019 and oversees capital, investment management and strategy, giving the board a familiar internal option rather than forcing an outside interim hire. 6
Suncorp has already been reshaped by the sale of its banking arm to ANZ. Reuters reported in 2024 that the transaction would let the group focus on insurance across Australia and New Zealand and free up excess capital for shareholders. 7
The backdrop is hardly calm. Rival IAG also reported weaker first-half earnings in February as claims and investment income came under pressure, while QBE shares fell late last year after it flagged softer premium rate growth. 8
The near-term risk is simple: if Johnston’s leave runs longer than expected, Suncorp will be managing a leadership gap while still betting on a second-half recovery. Johnston said in February the group had “good momentum” heading into that period, but another burst of severe weather, or slower-than-expected premium increases, would make that job harder.
