Joan Fitzpatrick, the Chair of the Australian government-backed terror risk reinsurance venture, the Australian Reinsurance Pool Corporation (ARPC), has announced that she will not seek reappointment when her term expires on June 30th, 2017.
Fitzpatrick was initially appointed to the position of Chair on January 1st, 2013, after being appointed to the ARPC Board on September 12th, 2012.
Commenting on her decision to stand down as Chair, Fitzpatrick said; “I would like to take the opportunity to say how privileged I feel to have chaired ARPC, given its vitally important role and purpose. I am proud to say the organisation has evolved and prospered during my term as Chair and is well positioned for the future.
“The scheme remains fit for purpose with regard to its coverage and readiness to respond to a Declared Terrorist Incident (DTI).”
The ARPC has tasked Derwent Executive, a board search firm, to help it look for a suitable replacement for Fitzpatrick. Furthermore, ARPC Board member Tom Karp will step down from his role when his current term expires in September, 2017, and Derwent Executive will also assist with the hiring of his replacement.
“I believe that the organisation is in a very good position with a strongly capable Board, an excellent CEO and leadership team, and highly capable staff; indeed the ARPC is much admired by its peers globally,” continued Fitzpatrick.
Chief Executive Officer (CEO) of the ARPC, Dr Christopher Wallace, said; ““Joan Fitzpatrick is a highly motivated and visionary Chair and will be greatly missed. We wish her every success in her future endeavours.”