Challenger has appointed Rachel Grimes as CFO, effective May 3, replacing Andrew Tobin who is stepping down after13 years.

Sydney-based Ms Grimes, currently GM Finance at Westpac, has three decades of commercial experience across financial services and accounting in Australia and internationally.

She has expertise in wealth management and the life insurance sector and formerly led product and sales for Westpac Life Insurance.

Challenger MD and CEO Richard Howes says Ms Grimes’ in-depth knowledge and experience in governance and transformation programs will support strategic growth initiatives, including Challenger’s integration of the MyLife MyFinance bank.

“Rachel brings an outstanding track record as a leader in her field with significant experience as a technical and commercial finance executive,” Mr Howes said.

Ms Grimes was appointed President of the International Federation of Accountants in 2016 and is a director on The Accounting Professional and Ethical Standards Board.

Mr Howes thanked Mr Tobin for many years of commitment and diligence.