Promina Execs Prominent In Shake-up

Sydney Morning Herald

Friday March 30, 2007

Danny John

SUNCORP chief executive John Mulcahy has responded to critics of the group's recently-completed $7.9 billion merger with Promina by appointing three of the insurance company's top executives to senior management roles in the new organisation.

Details of the revamped structure were announced yesterday, just over a week since Suncorp formally took control of Promina. The changes were welcomed by the investors who had been pressing Mr Mulcahy to include key members of Promina's experienced team to head combined insurance operations.

The crucial job of running the huge personal insurance business has gone to Robert Belleville who, at Promina, was responsible for its AAMI, Australian Pensioners Agency and Just Car insurance operations that competed directly with Suncorp's GIO subsidiary.

His colleague Dennis Fox has also been a major winner in the reshuffle having been appointed head of the new wealth management arm which, again, was dominated by the Promina's old financial services division.

The third key position has gone to Roger Bell, regarded by analysts as the most likely candidate to gain from the merger given his job in running Promina's New Zealand insurance division, a role he has retained in the new management structure.

Apart from outgoing Promina finance director Harold Bentley, who was planning to retire prior to the merger, the only major casualty of the old management team is Duncan West.

Mr West headed Promina's Vero general insurance business but was due to replace Mr Bentley if Promina had stayed independent. He lost to Suncorp's chief financial officer Chris Skilton in filling that role, though as he was changing jobs anyway he wasn't expected to get the merged position.

Mr West is to leave the new group along with Suncorp manager Diana Eilert who also missed out in the reshuffle.

Only one Suncorp insurance executive has kept his role: Mark Milliner, who took on the commercial insurance operation last July, has retained the same post for the expanded business.

Four other roles on Mr Mulcahy's executive board have gone to Suncorp's managers although he has taken the opportunity to make a significant change at the retail banking level. Ex-Westpac banker David Foster has inherited that division from Bernadette Inglis who has been given responsibility for strategy and human resources.

Suncorp shares closed 7c higher at $20.23.

© 2007 Sydney Morning Herald

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