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Suncorp-Metway CEO Steve Jones resigns

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    Suncorp-Metway CEO Steve Jones resigns
    08:56, Monday, 23 September 2002

    Sydney - Monday - September 23: (RWE) - Suncorp-Metway Ltd today
    announced the resignation of managing director and chief executive
    officer Mr Steve Jones.
    Chairman Mr John Lamble said chief financial officer Mr Chris
    Skilton had been appointed interim CEO pending the outcome of an
    international search.
    The departure of Mr Jones, originally planned for 2004, had been
    brought forward because Suncorp-Metway had completed most of the major
    challenges associated with its integration of the GIO business and was
    poised to enter a new development phase.
    "The board is now turning its attention to the time when the GIO
    integration program is complete and the company will enter its next
    phase of growth.
    "The timeframe of the strategic planning that entails extends
    well beyond the balance of my contract.
    "I firmly believe a chief executive charged with implementing a
    strategic vision must be instrumental in its design.
    "The time is right for me to move on so that can happen," Mr
    Jones explained.
    Mr Jones was appointed the first CEO of the combined
    Suncorp-Metway group in December 1996 and steered the group through its
    integration and the recent acquisition of GIO.
    Mr Lamble said Mr Jones had done an excellent job for the group
    over the past six years.
    "In the period since Suncorp-Metway was formed, the market
    capitalisation of the company has increased from approximately $2.2
    billion to more than $6 million.
    "That is a great performance," Mr Lamble said.
    Mr Lamble said Suncorp-Metway was well placed to grow strongly
    in the current year.
    "The GIO integration is on track, we are well progressed towards
    achieving our stated synergies of $240 million per annum and we expect a
    very strong improvement in underlying operating profit for the current
    year," he said.
    Suncorp-Metway fell 10c to $12.20 on Friday.
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