AAP News.com.au 05 November 2013
SUNCORP chief executive Patrick Snowball has sold $2.65 million worth of shares in the banking and insurance company in order to pay a tax bill.
Mr Snowball, an Oxford graduate who joined Suncorp in 2009, has sold 200,000 Suncorp shares at $13.278 each.
"The sale of ordinary shares was undertaken to fund an impending tax obligation," Suncorp said in a statement on Tuesday.
Mr Snowball still holds more than 1.5 million Suncorp shares and performance rights for shares, currently worth almost $20.6 million.
He is also paid an annual salary of $2.55 million, plus bonuses.
Suncorp's general insurance business owns brands including AAMI, GIO, Apia and Shannons.
Suncorp CEO Patrick Snowball has sold $655,600 worth of shares in the company to pay a tax bill.