Challenger chief to depart

Challenger chief executive Richard Howes is set to retire next year after more than 19 years with the organisation.

Howes was named chief executive and managing director in 2019 after spending several years as chief executive for Challenger's distribution, product, and marketing channels. He started with the organisation in 2003 as chief executive for Challenger Life.

Starting his career with BT, Howes moved to the US in 1998 for a role with Macquarie in Chicago. He also spent time in New York as a managing director with Zurich Capital Markets.

"On behalf of the Board, I would like to extend our deep gratitude to Richard for his leadership and integrity and for the instrumental role he played in making Challenger the business it is today - the clear leader in retirement incomes and the third largest active funds manager in Australia," said Challenger chair Peter Polson. "In recent years he has shepherded Challenger through extraordinary headwinds, and under his leadership our Life and Funds management businesses are leaders in their respective markets, delivering record growth this year. The highly strategic acquisition of MyLife MyFinance Bank will further strengthen our customer offering.

"Richard has also played an integral role in developing Challenger's strong values-led culture and his commitment to deliver on our purpose is exemplary."

Howes said he is proud of what he has accomplished with his organisation over the last two decades. "We have built a very special business that is driven by a genuine commitment to delivering on its purpose to provide customers with financial security for a better retirement.

"Challenger stands on strong foundations with sustainable capital settings, diversified distribution channels and product offerings and a powerful combination of capabilities to provide compelling solutions for customers.

"I am also extremely proud of our talented management and wider team, who are committed to driving our strategy and delivering on our purpose.

"With the certainty that the business is primed for growth, I feel now is a good time to step aside and begin the process for a new leader to drive Challenger's exciting next chapter."

Challenger will conduct an internal and external search for Howes' replacement. Howes will stay on until March of 2022 to ensure a smooth handover. In the interim, Chris Plater - who was named chief executive of operations and technology last November - has been appointed Deputy CEO.