Leading financial services figure Yasmin Allen will retire from the IAG board at the end of this month.

Ms Allen joined the board in November 2004 and was audit committee chairman from 2006-10 and people and remuneration committee chairman from 2010 to this year.

“Yasmin has made an extensive and valuable contribution to IAG throughout the past 11 years as a director and board committee member,” Chairman Brian Schwartz said.

“She has been an excellent director and a wonderful colleague and we wish her all the best as she pursues her other roles.”

In February the Australian Securities Exchange appointed Ms Allen – who is also a director of Cochlear and Santos – as an independent director. She is a former VP of Deutsche Bank in Sydney, director of ANZ Investment Bank in Sydney and associate director with HSBC in London.

Her move follows other recent changes to the board.

Deputy Chairman Elizabeth Bryan – who is also Chairman of Caltex Australia and Virgin Australia, and a director of Westpac – has been appointed a member of the risk committee.

Jon Nicholson, who is also non-executive Chairman of the Westpac Foundation, has been appointed to the risk and audit committees, and Alison Deans, who is also a non-executive director of Westpac, has been appointed to the people and remuneration committee and left the risk and audit committees.