IAG Managing Director and Chief Executive Officer Peter Harmer has announced his decision to retire by the end of 2020.
A search process is underway, supported by the Board’s ongoing succession planning, that will look to identify a suitable successor.
He will remain responsible for the overall strategic direction and performance of the Group during the transition period and will directly lead the company’s response to the COVID-19 emergency.
Additionally, IAG Chief Financial Officer Nick Hawkins has been appointed Deputy CEO with accountability for the management and performance of IAG’s day-to-day operations during the transition period. He will start in this role immediately.
IAG’s CEO for Australia, Mark Milliner, continues to lead the Australian business and remains focused on business growth, and responding to the bushfire recovery process, as well as the ongoing operational challenges of COVID-19.
“The arrangements we have announced today reflect the strength and stability of our senior management team and will ensure the smooth operation of the company through challenging times,” said IAG Chairman Elizabeth Bryan.
“The Board has been in discussion with Mr Harmer for some time about his plans, following a period of illness last year, and the company is well prepared for a transition.”
Michelle McPherson, CFO Australia, has been appointed acting Group CFO. Before joining IAG, Ms McPherson was Chief Financial Officer and Deputy Chief Executive Officer for nib Group.
Commenting on the decision, Harmer said, “It has been a tremendous privilege to lead IAG and after five years in the role, I believe it’s the right time to hand over the reins to my successor, who will lead the next stage of IAG’s growth and evolution.
“My immediate priority is guiding IAG’s response to, and recovery from, COVID-19 as well as managing our key external stakeholder relationships in what is an increasingly complex and dynamic environment.
“As confirmed in IAG’s business update on 30 March 2020, the underlying performance and financial position of IAG remain strong. We are well-placed to maintain and build on that, as we meet customer needs through our core insurance offerings and adjacent and complementary services, conducted under an iconic range of leading brands.”
