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Insurance Australia Group (ASX:IAG) - Outgoing Managing Director & CEO, Peter Harmer - The Market Herald
Outgoing Managing Director & CEO, Peter Harmer
Sourced: The Australian
  • Managing Director and CEO of Insurance Australia Group (IAG), Peter Harmer, has announced his intentions to retire by the end of the year
  • Current Chief Financial Officer (CFO), Nick Hawkins, has been appointed as Deputy CEO
  • As a result, Michelle McPherson, who is current Australian CFO, has been appointed as acting Group CFO
  • Peter will remain with the company through the nine-month transition period, while Nick steps up to manage the day-to-day operations
  • IAG is down a slight 1.78 per cent and shares are currently trading for $6.08 each

Managing Director and CEO of Insurance Australia (IAG), Peter Harmer, has announced his intentions to retire by the end of the year.

A search is currently underway for his successor, but Chief Financial Officer (CFO) Nick Hawkins has been appointed Deputy CEO.

Nick will start this role immediately and will manage the day-to-day operations during the nine-month transition period.

As a result, Michelle McPherson, who is the current Australian CFO, has been appointed as acting Group CFO.

Additionally, Peter will remain responsible for the overall performance of IAG and will lead the company's response to COVID-19 through the transition window.

Chairman Elizabeth Bryan has nothing but praise for Peter and what he has offered the company.

"Peter has been pivotal to the creation of a more innovative and customer-focused IAG," Elizabeth said.

"He has taken important steps to simplify the company while driving a culture that values digital innovation and puts the customer first. Peter will leave IAG in a strong position for future success," she added.

CEO of the Australian operations, Mark Milliner, is continuing to lead the business and is focusing on business growth, with primary responsibility given to managing the most recent Australian bushfire crisis and COVID-19 pandemic.

"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," Peter commented.

"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," he added.

IAG is down a slight 1.78 per cent and shares are trading for $6.08 each at 1:15 pm AEST.


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