IAG CEO to retire

IAG managing director and chief executive officer, Peter Harmer, will retire at the end of the year.

Harmer announced the move on his LinkedIn profile. "This is a decision I have been thinking about for some time, and have not made lightly. But after almost five years as CEO, and 10 years with IAG, I feel this is the right year to make the transition. IAG is in a great position, with a strong balance sheet and strong leadership team, to manage through the current uncertainty and into the future.

"Leading IAG and the people who make it is - and always will be - a tremendous privilege. Thank you everyone for your support."

IAG chief financial officer, Nick Hawkins, has been appointed deputy CEO and will have accountability for the day-to-day operations of the organisation during the nine-month transition period. Harmer will remain responsible for the overall strategic direction of the organisation, including their response to the COVID-19 emergency.

IAG Australia CEO Mark Milliner will continue to lead the domestic operations.

IAG chair Elizabeth Bryan said Harmer had made a big difference during his time with the organisation. "Peter has been pivotal to the creation of a more innovative and customer-focused IAG. 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."

Both stressed the strength and stability of the underlying financials of the broader group.

Harmer has been chief executive of the broader IAG group since 2015, having previously held chief executive roles for IAG Labs and the commercial insurance division. Before joining IAG in 2010, Harmer was the chief executive with AON LImited UK. He also held executive roles with John C Lloyd Reinsurance Brokers.