Freedom chief quits after brief tenure
The recently appointed CEO of Freedom Insurance Group has quit the company.
Craig Orton, who was promoted from COO last month, will leave before the end of the year, citing personal reasons.
He was previously EM life and group at Suncorp, and has held senior positions at ESG Reinsurance, Aegon Direct and XL Catlin.
Sean Williamson, currently a consultant for the company, will take over as CEO.
Heads have rolled in the upper echelons of the business after it drew flak over high-pressure sales tactics exposed at the Hayne royal commission. Former CEO Keith Cohen, CFO Jenny Andrews and non-executive directors Katrina Glendinning and David Hancock have all left.
Freedom has dumped direct phone sales for term life and trauma insurance, and has appointed Deloitte to conduct a review of its strategy and operations.
The products represented 13% of Freedom’s sales last financial year. One sales call examined at the royal commission was to a 26-year-old man with Down’s syndrome, who did not understand the products he was persuaded to buy. The man and his father endured a lengthy process cancelling the cover.
Freedom restructured its operations while it examined business options, and the staff was cut to 90. The strategic review is nearly complete and the company is considering selling its associated dealer group Spectrum Wealth Advisers.
Pauline Vamos has been appointed non-executive director, while directors Stephen Menzies and Andrew Jensen will continue in their roles.