SNOWBALL TAKES OVER AT SUNCORP-METWAY

Patrick Snowball, who quit as head of Aviva’s UK operations two years ago, has been appointed CEO at Brisbane-based financial services group Suncorp-Metway, the country’s fifth-largest bank and second-largest insurance group. Mr Snowball resigned from Aviva shortly after Andrew Moss was announced as successor to Richard Harvey as CEO. For the past two years he has been at insurance broker Towergate, first as deputy chairman and recently as chairman. Mr Snowball will move to Australia from the UK, replacing acting CEO Chris Skilton from September 1. Mr Snowball was reported to have signed a four-year, AUD2.1m ($1.695m) a year basic deal before tax and bonuses. Short-term incentives could add 150% to Mr Snowball’s base salary, half paid in cash and half deferred for two years. Long-term incentives include the grant of rights to 900,000 Suncorp shares, divided into three tranches for the financial years 2010, 2011, 2012. Vesting of these shares will be subject to performance hurdles tested over a three to five-year period. The contract also includes return flights to the UK once a year for Mr Snowball and his family, relocation expenses, and a requirement for Mr Snowball to acquire a half-million dollar stockholding in Suncorp within a reasonable time of his appointment.