In a major leadership reshuffle, Bruce Rush, the former acting CEO and executive general manager of home lending, has taken over as CEO at Suncorp Bank. His appointment follows the resignation of Clive van Horen and is effective from December 4, 2023. Rush brings over two decades of industry experience and a customer-centric approach that has significantly bolstered Suncorp's performance in its lending and deposit portfolios.
Rush expressed his honor at being appointed to the role and pledged to maintain leadership stability during Suncorp's proposed sale to ANZ. He also committed to strengthening the bank's business operations and upholding the best interests of its customers, employees, and community.
In other notable transitions, Kim McConnie, known for her work with Pepsi Sports Sponsorship and the Super Bowl halftime show, has taken on a leadership role in marketing at Tourism and Events Queensland (TEQ) following her tenure with the Big Bash Leagues.
Professor Kerrie Wilson, formerly associated with QUT and its Institute for Future Environments, has assumed her role as Queensland's chief scientist. Sue Keay, who previously led robotics technology at Oz Minerals and BHP (ASX:BHP) and served as chair of Robotics Australia, has joined Future Work Group as a partner and director. Her focus will be on robotics, automation, and digitalization strategies.
Adele Laughton, with experience in the National Farmers' Federation and board positions at Friends with Dignity and Ability (OTC:ABILF) Agriculture, is now leading the Queensland Social Enterprise Council as CEO.
Data#3 is set to undergo a leadership transition in March when Laurence Baynham steps down for Brad Colledge to take over. Anjuna Singh, who held roles at Macquarie Bank and QIC before joining Translink as Legal Counsel, is now the general manager of passenger transport, strategy, and technology.
InvestingPro Insights
InvestingPro provides valuable real-time data and tips for investors. For Suncorp Bank, the InvestingPro Tips highlight that the bank has been a prominent player in the industry and has maintained its dividend payments for 32 consecutive years. This shows a strong commitment to returning value to shareholders. However, investors should be cautious as the bank is quickly burning through cash, and this may force dividend cuts in the future.
According to InvestingPro Data, as of Q2 2023, Suncorp Bank's P/E Ratio (Adjusted) is 2.26, indicating it could be undervalued compared to other companies in the industry. The bank's Price / Book ratio is 0.33, suggesting the market may be undervaluing its assets. Despite a recent decline, the bank's revenue for the last twelve months is 148.99M USD.
For those interested, InvestingPro offers numerous additional tips and data points to help investors make informed decisions. Remember, investing is not just about the numbers, but understanding the company and its industry.
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