Brian Schwartz will step down as IAG Chairman and director “during this current financial year”. His announcement comes just two weeks after he informed the market that CEO and MD Mike Wilkins will step down in November.

Mr Schwartz has been a director of IAG for 11 years and chairman for five. He made the announcement at the insurance group’s AGM last week.

Although he did not give a reason for his decision, he did refer to IAG’s “process of board renewal” during the year. He paid tribute to former directors Yasmin Allen, who retired from the board in September, and Peter Bush who retired in January.

Mr Wilkins joined IAG as COO in 2007 and was appointed CEO and MD the following year.

IAG Labs CEO and former CGU CEO Peter Harmer will succeed Mr Wilkins as CEO and MD on November 16.

Mr Schwartz told shareholders his highlights for the year included the integration of the former Wesfarmers insurance business into IAG; the partnership with Berkshire Hathaway which included a 10-year quota share arrangement “that will deliver a more stable income stream for 20% of our business” and the $500 million acquisition of a 3.7% stake in IAG; and the launch of IAG Labs to drive digital innovation across the group.

Paying tribute to Mr Wilkins, Mr Schwartz said the departing CEO had set “a high standard of excellence and created a can-do attitude across all of IAG”.

“Mike leaves IAG in a far stronger position than when he joined us, which is exactly what you hope to achieve as CEO,” he said.

“Mike strengthened the fundamentals of the overall business and refocused our strategy to pursue profitable growth in our home markets of Australia and New Zealand and explore new opportunities in Asia.

“With Mike at the helm, gross written premium grew from $7.8 billion in 2009 to $11.4 billion last year.

“In particular I want to acknowledge his commitment to creating an inclusive culture that encourages and welcomes diversity.”

Mr Schwartz did not mention IAG’s surprise decision to dump plans for major expansion into in China.

In his final AGM as CEO, Mr Wilkins told shareholders the company is on track to deliver on its guidance for 2016.

“Based on our first quarter trading results our guidance for the 2016 financial year is unchanged, with GWP [gross written premium] growth expected to be relatively flat and an insurance margin in the range of 14-16%,” Mr Wilkins said.

“We expect underlying profitability to remain strong and be similar to the previous financial year, which means we are in a very strong position to pursue our longer term strategic agenda.”