Richard Grellman, who helped oversee Genworth Mortgage Insurance Australia’s public listing in 2014, will retire as Chairman on August 31.

Independent non-executive director Ian MacDonald is his replacement.

“As Chairman and director of Genworth for almost five years, I’ve decided the time is right for me to retire and turn the helm over to Ian,” Mr Grellman said.

Genworth says Mr Grellman was “instrumental in establishing an independent board, preparing the company for listing… and managing the transition to the requirements of a listed company”.

Mr MacDonald was appointed to the board in 2012 and has more than 40 years of financial services experience.

He is also on the board of Arab Bank Australia and the Tasmanian Public Finance Corporation.

The board intends to appoint Gai McGrath as an independent non-executive director.