Challenger names new CEO

Challenger has announced that Richard Howes has been appointed as the firm's new managing director and chief executive officer, effective January 2019, following Brian Benari's decision to retire.

Howes has held a number of senior executive roles at Challenger since joining the firm in 2003, including chief executive of Challenger's Life business and chief investment officer. He currently leads Challenger's distribution, product and marketing team, responsible for product design, distribution, sales and marketing activities. Prior to joining Challenger, he held senior positions with Macquarie Bank and Bankers Trust.

Benari said that he was "extremely pleased to see Richard appointed as Challenger's next CEO" and that having worked with him for "many years" knows that "he has an exceptional intellect, customer-focus and passion for [the] business."

Challenger chair, Peter Polson, added that Howes "has delivered outstanding results in each of the divisions that he has led and has the ideal experience and skills to lead Challenger through its next phase of growth."

Howes and Benari will work together over a six month period to "ensure a seamless transition", Challenger said.