CGU executives are being forced to reapply for their jobs in a radical reorganisation of the insurer’s management structure.

CEO Duncan West last week announced a new structure based around five profit centres, with four service units in support.

The five profit centres are workers’ compensation, Swann Insurance, financial institutions and affinity (FI&A), corporate and retail, while the four support units are claims, technical services, human resources and business services.

Four business units will remain unchanged as part of the reorganisation and will retain their existing GMs – Craig Olsen (workers’ compensation), Stuart Chapman (Swann), Malcolm Freeman (FI&A) and Lee Heycox (HR).

A spokesman told insuranceNEWS.com.au CGU “will conduct a selection process within CGU and the wider IAG group for the five remaining GM roles, which lead the new or modified business units.”

CGU hopes to announce the new leadership team early next month.

Meanwhile, a report in the Sydney Morning Herald today says IAG may scrap 500 jobs as part of a restructure of the group.