Challenger has promoted Angela Murphy to the role of CEO Life as the business searches for a CIO to lead its investment teams.

The changes come after Challenger combined its Life team with its “DPM” - Distribution, Product and Marketing - team. Ms Murphy has been DPM CEO since December 2018 and has worked at Challenger for nine years after seven years at Westpac.

“Angela has extensive experience leading the DPM functions for the Life business, working in close partnership with Life’s investment team to drive strong commercial outcomes,” MD and CEO Richard Howes said.

Acting Life CEO Anton Kapel will resume his previous role as Challenger’s Appointed Actuary and CFO of the Life business, and the Life Investment Committee will continue to be chaired by Operations and Technology CEO Chris Plater.

Challenger’s Life business now sits alongside Funds Management and its recently acquired Bank1 business under three clear business lines.