IAG Chairman Elizabeth Bryan has announced that Peter Harmer, IAG Managing Director and CEO, has announced his intention to retire by the end of the year.
Harmer has agreed to a nine-month period of transition to ensure a smooth changeover while a search for Harmer’s replacement takes place. Nick Hawkins, IAG CFO, has been immediately appointed as Deputy CEO and will be accountable for the management and performance of the company’s day-to-day operations during the transition period.
Mark Milliner, IAG CEO Australia, 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.
Bryan said that the company was fortunate to have two such experienced and well-respected executives in Hawkins and Milliner during the transition period.
“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 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.”
IAG says Harmer 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. Bryan said Harmer has made an enormous contribution to IAG and was widely regarded as one of the best insurance executives of his generation.
“Peter has been pivotal to the creation of a more innovative and customer-focused IAG,” said Bryan. “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.”
“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,” said Harmer. “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.”