Elizabeth Bryan has been appointed Chairman of the IAG board, taking over from Brian Schwartz from March 31.

Mr Schwartz, who spent seven years as chairman and 11 years on the board, says he is honoured to have led the company and delighted with his successor.

In addition to her role at IAG, Ms Bryan is Chairman of Virgin Australia and a director of Westpac Banking Corporation.

“Her depth of experience in leading some of Australia’s most successful companies will be extremely valuable to IAG and its management team,” Mr Schwartz said.

“I know I am leaving the company in capable hands.”

Ms Bryan also chairs IAG’s people and remuneration committee and is a member of its risk committee and nomination committee.