What is Happening to Suncorp Share Price?
The one-year return from shares in Suncorp Group Limited [ASX:SUN] is 19.3% as of the start of today’s trade. Suncorp is a Queensland based company operating in general insurance, banking, life insurance and superannuation.
Why Did This Happen to Suncorp Shares?
The company, according to today’s Australian Financial Review, credits a lot of this to outgoing CEO Patrick Snowball’s ‘strong turnaround’. He has been running the company for six years. The company announced his resignation from the role this week and the appointment of his replacement, Michael Cameron.
What Now for Suncorp Group Limited?
The company is certainly one to watch. However, some time will be needed to see the direction the company takes under its new leadership and how the market reacts.
Several brokers are speculating that the company may divest some of its current divisions that are generating a low return.
According to the ASX announcement, new boss Mr Cameron ‘has more than 30 years’ experience in finance and business having held senior leadership roles with St. George Bank, Commonwealth Bank, National Australia Bank, MLC, Lend Lease and Barclays.’
Editor, The Daily Reckoning