Banker and insurer Suncorp-Metway Ltd has announced financial services executive Patrick Snowball as its new chief executive officer.

Mr Snowball was chairman and deputy chairman with the Towergate group of companies for the past two years, and was a member of the executive team at Aviva plc, the world’s fifth largest insurance group, for 19 years from 1988.

“I am delighted to announce the appointment of an outstanding leader with extensive financial services experience and who has overseen businesses with operations in the United Kingdom, Ireland, Canada, India and Asia,” Suncorp chairman John Story said in a statement.

The appointment follows an “exhaustive” national and international search, Mr Story said.

Mr Snowball will move to Australia from the UK to replace acting CEO Chris Skilton on September 1. He will be based in Brisbane.

Former CEO John Mulcahy left the insurance group in March.

“I am excited about the prospect of leading one of Australia and New Zealand’s largest financial services companies through a critical stage of its corporate development and in one of the toughest global operating environments seen in many years,” Mr Snowball said in a statement.

Mr Snowball has been signed to a four-year term, worth $2.1 million annually before tax and incentives.

He will be eligible for short term incentives of up to 150 per cent of his annual salary, half of which would be paid in cash and the balance deferred for two years.

Mr Snowball will receive 900,000 rights to Suncorp shares, and will be required to purchase approximately $500,000 worth of Suncorp shares as soon as is practicable after his start date.

The contract also provides airline tickets for Mr Snowball and his family to the UK once each year.

AAP