Comparison website iSelect is hunting for a new chairman to replace co-founder Damien Waller who is stepping down from the role.

He will take up his new permanent role as non-executive director on December 31 and serve as interim non-executive chairman until a new appointment is made, the company says.

CEO Alex Stevens will join the board as MD on December 1.

In his final message as chairman, Mr Waller says in the company’s annual report that iSelect can grow into a billion-dollar company by increasing its share of the commission market.

“By focusing on this prize and delivering against our strategic plan, we will give ourselves the best possible chance of growing iSelect to become a $1-billion company over the medium to long term,” he says.

“The opportunity that lies ahead of us is significant.”

iSelect’s income fell 53% to $6.3 million in the year to June 30 due to a writedown in trailing commission revenue.