John Mulcahy got Suncorp into a mess that’ll take some time to clean...
He would take credit for all the little good work, but a leader is also not simply cultivate the habit of passing excuses as a hobby! So there was Mulcahy – blaming external events for diverting public attention away from Suncorp’s achievements across businesses. The losses arising out of the Promina deal (for which all blame goes to him), coupled with the global financial crisis and catastrophic geographical events proved too costly for Suncorp’s bancassurance business model. The interim-CEO Chris Skilton inherits a risky situation – to keep the struggling banking entity afloat and sail safe through the speculation of divesting assets. Really John, there are more such accolades (sarcasm intended) we could give you, but for now, let us all just say – thank you John, for being gone!
He would take credit for all the little good work, but a leader is also not simply cultivate the habit of passing excuses as a hobby! So there was Mulcahy – blaming external events for diverting public attention away from Suncorp’s achievements across businesses. The losses arising out of the Promina deal (for which all blame goes to him), coupled with the global financial crisis and catastrophic geographical events proved too costly for Suncorp’s bancassurance business model. The interim-CEO Chris Skilton inherits a risky situation – to keep the struggling banking entity afloat and sail safe through the speculation of divesting assets. Really John, there are more such accolades (sarcasm intended) we could give you, but for now, let us all just say – thank you John, for being gone!
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