IAG CFO Michelle McPherson will retire by the end of the calendar year and Chief Insurance and Strategy Officer Tim Plant will leave at the end of next month, the company said today.

The insurer says Ms McPherson will continue in her role while an internal and external search for a new CFO is completed.

“Michelle has played an important role in helping drive the business to achieve its strategic goals during a challenging time for the industry and economy,” CEO Nick Hawkins said. “I would like to thank Michelle for her contribution and wish her all the best in her retirement later this year.”

Ms McPherson joined IAG as Acting Group CFO in April 2020 and was appointed CFO in November that year. Previously, she was CFO and Deputy CEO for Nib Holdings.

IAG says Mr Plant will be leaving as the company consolidates its group functions to better support its operating businesses: Direct Insurance Australia, Intermediated Insurance Australia, and New Zealand.

“Our plans are clear. We want to accelerate the delivery of our plans and ensure our three operating businesses can continue to meet customer needs in this rapidly changing environment,” Mr Hawkins said.

“Tim has established greater discipline and alignment on how we execute our strategic priorities and helped to strengthen our underwriting governance during his time at IAG. I thank him for his contribution.”

Mr Plant, who has three decades insurance experience, joined IAG in his newly created role in 2021 after previously heading up Zurich’s local general insurance operations.

Mr Plant has headed IAG’s Strategy, Innovation and Underwriting division, with strategy and innovation to sit within the company’s finance function while underwriting will be transferred to risk.