BRISBANE, March 30, 2026, 05:12 AEST
Suncorp Group announced that Chief Executive Steve Johnston is taking a temporary medical leave, putting Chief Financial Officer Jeremy Robson in the acting CEO seat for now. Neil Wesley, who heads up strategy, corporate development, and investor relations, steps into Robson’s role as acting CFO.
The handover arrives days ahead of Suncorp’s interim dividend payout scheduled for March 31. The Brisbane insurer is still coming off a tough first half, having spent recent weeks calming investors rattled by hefty weather-related claims that weighed on profits but, according to management, left the broader business intact. Suncorp hasn’t specified when Johnston will be back, describing the leave simply as a “short period.” Suncorp Group
Suncorp posted half-year numbers back in February, with cash earnings tumbling 67% to A$270 million after nine major weather events lifted natural disaster costs to A$1.32 billion. Despite handling over 71,000 claims, Johnston insisted the “underlying business remains resilient” and the company stuck to its premium-growth target, still guiding for the lower end of the mid-single-digit range. Reuters
Back in February, the company announced it had wrapped up A$168 million of its share buyback for the half. It’s sticking with plans to hand back roughly A$400 million via the program by the close of the 2026 financial year.
According to Reuters market data, Suncorp shares ticked up 0.12% on Friday, last trading at A$16.42.
Analyst wariness persists. Citi’s Nigel Pittaway noted after February’s result that Suncorp shares performed more resiliently than he’d figured. Over at Barrenjoey, Andrew Adams suggested the figures might “open the debate” about how reliable longer-term projections really are. Sharecafe
Johnston took over as Suncorp CEO in September 2019, a move that followed his stint as group CFO. Robson, who stepped into the CFO role in December 2019, is responsible for capital, investment management, and strategy—making him a well-known quantity for the board, and letting them sidestep the need for an external interim.
Suncorp’s profile changed sharply after selling its banking division to ANZ. Back in 2024, Reuters said the deal was set to sharpen Suncorp’s focus on insurance in Australia and New Zealand, while also unlocking surplus capital for shareholders.
No shortage of turbulence here. IAG’s first-half numbers back in February came in soft, with both claims and investment returns squeezed. QBE, for its part, suffered a dip in share price late last year after warning about slowing premium rate growth.
The immediate concern is clear enough: should Johnston’s leave stretch out, Suncorp faces a leadership void just as it’s counting on a rebound in the second half. Back in February, Johnston talked up the group’s “good momentum” heading into that timeframe. But a fresh bout of damaging weather — or if premium hikes don’t keep pace — could complicate things quickly.
