Three IAG directors retire in reshuffle at the top
The IAG reshuffle continues apace, with three directors announcing their retirement.
Neil Hamilton and Rowan Ross last week stepped down as non-executive directors of the IAG board while former CFO George Venardos ceased to be a director of IAG subsidiary IAG Finance NZ (IAN), as did Mr Ross.
Hugh Fletcher has been appointed a non-executive director of IAN. Former IAG NZ CEO Nick Hawkins, who was promoted to group CFO in July, has also been appointed as a director.
The changes come as CEO Mike Wilkins works to shed 600 Australian jobs, sell off ailing UK assets and improve profitability.
The restructure is expected to cost $60 million while Mr Wilkins envisages the changes will deliver $130 million in annual pre-tax savings.
Neil Hamilton and Rowan Ross last week stepped down as non-executive directors of the IAG board while former CFO George Venardos ceased to be a director of IAG subsidiary IAG Finance NZ (IAN), as did Mr Ross.
Hugh Fletcher has been appointed a non-executive director of IAN. Former IAG NZ CEO Nick Hawkins, who was promoted to group CFO in July, has also been appointed as a director.
The changes come as CEO Mike Wilkins works to shed 600 Australian jobs, sell off ailing UK assets and improve profitability.
The restructure is expected to cost $60 million while Mr Wilkins envisages the changes will deliver $130 million in annual pre-tax savings.