Symon Brewis-Weston has resigned as CEO of New Zealand life insurer Sovereign and will become CEO of Sydney-based consumer and commercial finance company FlexiGroup.

FlexiGroup Chairman Andrew Abercrombie says Mr Brewis-Weston’s “deep understanding of consumer and business markets in Australia and New Zealand” will help as the business bids to become the “leading non-bank trans-Tasman provider of diversified financial services”.

Mr Brewis-Weston will join FlexiGroup in the new year.

Sovereign Chairman Gavin Walker has praised Mr Brewis-Weston for his “significant contribution to the business”.

“While we are sad to see Symon go, Sovereign has a strong and experienced executive leadership team who will continue implementing the strategic plan we have in place – it is very much business as usual.”

Sovereign says it is “currently in the process of recruiting” a new CEO.

Sovereign is owned by Commonwealth Bank. Mr Brewis-Weston was EGM corporate financial services at the bank before he was appointed to run Sovereign in March 2013.