Shuffle at top of Suncorp
Mr Foster will leave Suncorp to pursue "other opportunities", the company said on Thursday, after it this year put one of its most turbulent periods behind it by selling a bundle of troubled commercial loans.
Filling Mr Foster's shoes as boss of the financial conglomerate's banking arm will be the current chief financial officer, John Nesbitt. The deputy finance chief, Steve Johnston, is being promoted to chief financial officer.
The change is the latest signal the company is seeking to move into a new phase, after it suffered a near-death experience during the global financial crisis and was forced to move about $18 billion of bad commercial loans into a "bad bank".
Earlier this year it finalised a plan to resolve the bad bank by selling $1.6 billion worth of loss-making loans and running down the rest, and Mr Foster said this signalled a suitable time for him to leave.
It is not clear what the next career move will be for Mr Foster, who is 45.
In its latest results, Suncorp's "non-core bank" that holds the bad commercial property loans made a $632 million loss, while earnings in the core bank were flat at $289 million.
Frequently Asked Questions about this Article…
Suncorp is reshuffling its senior executive ranks due to the departure of David Foster, who was responsible for turning around its challenged banking division. This change is part of the company's efforts to move into a new phase after overcoming significant financial challenges.
Suncorp is reshuffling its senior executive ranks due to the departure of David Foster, who was responsible for turning around its challenged banking division. This change is part of the company's efforts to move into a new phase after overcoming significant financial challenges.
John Nesbitt, the current chief financial officer, will be taking over as the head of Suncorp's banking division following David Foster's departure.
John Nesbitt, the current chief financial officer, will be taking over as the head of Suncorp's banking division following David Foster's departure.
Steve Johnston, who was the deputy finance chief, is being promoted to the position of chief financial officer in Suncorp's new executive structure.
Steve Johnston, who was the deputy finance chief, is being promoted to the position of chief financial officer in Suncorp's new executive structure.
David Foster is leaving Suncorp to pursue other opportunities. His departure comes after the company successfully navigated a turbulent period by selling a bundle of troubled commercial loans.
David Foster is leaving Suncorp to pursue other opportunities. His departure comes after the company successfully navigated a turbulent period by selling a bundle of troubled commercial loans.
Suncorp addressed its 'bad bank' situation by finalizing a plan to sell $1.6 billion worth of loss-making loans and running down the rest, which helped stabilize the company after the global financial crisis.
Suncorp addressed its 'bad bank' situation by selling $1.6 billion worth of loss-making loans and running down the rest, which helped stabilize the company after a near-death experience during the global financial crisis.
During the global financial crisis, Suncorp faced a near-death experience and was forced to move about $18 billion of bad commercial loans into a 'bad bank' to manage its financial stability.
Suncorp's non-core bank, which holds the bad commercial property loans, reported a $632 million loss in its latest results.
In its latest results, Suncorp's non-core bank, which holds the bad commercial property loans, reported a $632 million loss, while earnings in the core bank remained flat at $289 million.
Suncorp's core bank reported flat earnings of $289 million in its latest financial results.
The executive reshuffle at Suncorp signals the company's intention to move into a new phase of growth and stability after resolving significant financial challenges, including the management of its 'bad bank'.
The executive reshuffle at Suncorp signals the company's intention to enter a new phase of growth and stability after overcoming significant financial challenges, including the management of its 'bad bank' and the departure of key executives.
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