IAG prepares for executive shake up, two C-suite members to depart

Australian insurer  IAG is searching internally and externally to replace C-suite executives who are leaving the company in 2023, in a bid to support its plans for acceleration in a rapidly changing environment.

IAG’s chief insurance & strategy officer Tim Plant will be leaving the business at the end of June as the company consolidates its group functions to better support its three operating businesses: Direct Insurance Australia, Intermediated Insurance Australia, and New Zealand.

Plant heads up the company’s strategy, innovation and underwriting division. Strategy and innovation will now sit within the finance function and underwriting will be transferred to Risk.

Additionally, IAG’s chief financial officer (CFO) Michelle McPherson (pictured) has decided to retire by the end of 2023. She will continue in her role as CFO while a search to identify her replacement is conducted. McPherson joined IAG as acting group CFO in April 2020 and was appointed CFO in November 2020.

IAG managing director and CEO Nick Hawkins said: “Michelle has played an important role in helping drive the business to achieve its strategic goals during a challenging time for the industry and economy. I would like to thank Michelle for her contribution and wish her all the best in her retirement later this year.”

“Our plans are clear,” Hawkins added. “We want to accelerate the delivery of our plans and ensure our three operating business can continue to meet customer needs in this rapidly changing environment. Tim has established greater discipline and alignment on how we execute our strategic priorities and helped to strengthen our underwriting governance during his time at IAG. I thank him for his contribution.”

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