Suncorp chief executive Clive van Horen is leaving amid a court battle with regulators to sell its banking division to ANZ.
Mr van Horen will depart the Brisbane-based bank and insurer on December 24 to become the CEO of wealth manager Colonial First State on January 15.
“I’m thrilled to be joining CFS. Having worked alongside the business for many years during my time at CBA, it’s very exciting to see the huge strides that CFS has made in recent years," he said in a statement on Tuesday.
ANZ last month appealed the Australian Competition and Consumer Commission's move to block its $4.9 billion acquisition of Suncorp Bank to the Australian Competition Tribunal, a deal that Suncorp is supporting.
Suncorp expects hearings will take place in December and a decision will likely be made by the end of February.
If approved, the merger could complete by mid-2024 with the majority of proceeds returned to shareholders.
Suncorp's annual general meeting was also held on Tuesday and chairwoman Christine McLoughlin told shareholders that it sees the next generation of artificial intelligence as a game-changer for the insurance industry.
The financial institution has been using AI for years to create personalised experiences for customers but generative AI programs unveiled late last year are a step change, Ms McLoughlin said.
"While there has been a lot of buzz about it, these new models have the capability to truly transform both our customer and people experience, from underwriting and pricing to claims and reporting - with the ability to deliver more streamlined operations and greater personalisation."
The board is taking a "strategic and prudent" approach to exploring the new technology, with an eye to risk controls and data ethics principles, Ms McLoughlin said.
