Major boardroom shake-up at IAG as chairman flags exit plan

Insurance Australia Group (IAG) has unveiled major changes to the company's board of directors following two key departures, including its chairman Elizabeth Bryan (pictured) who has announced she will retire from her role later this year.

Bryan will retire from the company at its annual general meeting (AGM) on October 22, 2021 after six years leading the organisation.

She will be succeeded as chairman by Tom Pockett, who has been a director of IAG since 2015 and is chairman of the audit committee. Pockett is also chairman of Stockland Group and Autosports Group.

A second director, Duncan Boyle, will also retire from IAG’s board at the same time as Bryan. Boyle has served on the board for five years, including three years as chairman of the risk committee.

To fill the vacancies created by these departures, IAG has appointed three new directors who will be joining as part of an ongoing process of board renewal to ensure it has the optimum mix of skills and experience to support the company.

The new directors bring deep insurance and public company governance experience to their roles, and their skills will supplement those of the existing directors, IAG said.

The new members of the board are David Armstrong and George Sartorel, commencing September 1, 2021, and Scott Pickering commencing November 1, 2021.

Armstrong will become the new chairman of the audit committee at the conclusion of the 2021 AGM. He is a well-known company director, a former partner with PwC specialising in financial services. Armstrong brings deep knowledge of audit and risk control, and experience with Australian public companies.

Sartorel has had a long and distinguished career with Allianz Group and was most recently regional chief executive, Asia Pacific. He has returned home to Australia and brings with him experience in creating and leading large, innovative insurance companies with digital business models.

Pickering has also had a successful international career as a global insurance executive. He has held senior leadership roles with Royal Sun Alliance and with Willis Towers Watson. Pickering has recently retired from the role of CEO of the NZ Accident Compensation Corporation.

These appointments are subject to regulatory approvals.

Bryan said: “The IAG Board under Mr Pockett’s chairmanship will be a strong one that will combine a deep understanding of IAG and its Australian and New Zealand business with its new members’ deep insight into the developments taking place in the international general insurance market.”

Commenting on her retirement, Bryan added: “ IAG is a company I’ve been very honoured to be associated with. Nothing makes me prouder than when I witness the people and capital of IAG mobilising at short notice to help those affected by the many natural disasters we experience in this country and in New Zealand.

“Through its various businesses, IAG has been meeting this need for over 160 years and it is – and will continue to be – a vital part of both Australia’s and New Zealand’s financial and social infrastructure.”

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