Suncorp lifts pay for its acting CEO Steve Johnston

Suncorp has raised the fixed pay for acting chief executive Steve Johnston and handed him a one-off equity award.

More money for Suncorp’s Steve Johnston

Suncorp has raised the fixed pay for acting chief executive Steve Johnston and handed him a one-off equity award, as it searches for a replacement for Michael Cameron.

Mr Johnston’s fixed pay will increase by $300,000 to $1.3 million, and his 2020 target short-term bonus will be based on 100 per cent of the fixed pay while he is acting CEO, the banking and insurance group told the ASX last night.

The amount of fixed salary will be pro-rated for the period Mr Johnston performs the acting CEO role. Suncorp said 35 per cent of any short-term incentive would be deferred into share rights, which vest equally over two years from the grant date.

The equity awards see Mr Johnston receive share rights with a face value of $300,000, which vest in May next year.

The long-term incentives for Mr Johnston are not changing and will be based on his chief financial officer salary.

The CEO search is one of a number of challenges facing Suncorp, whose superannuation division this month became the target of a class action by William Roberts Lawyers, which is working to lodge proceedings in relation to financial adviser commissions.