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Hawker quits – Wilkins takes over IAG hotseat

Michael Hawker resigned this morning as IAG CEO, effective immediately. COO Mike Wilkins has already taken over.

In a statement to the Australian Stock Exchange, Mr Hawker admitted he has “lost the confidence of a number of our shareholders”.

Mr Hawker had come under increasing pressure in recent months as IAG released a number of profit warnings and battled to fend off a merger proposal from QBE.

IAG’s appointment last November of Mr Wilkins – the former Promina MD – sparked intense speculation he was being groomed for the CEO role should Mr Hawker fail to turn the company’s fortunes around.

Mr Wilkins led Promina for eight years prior to its merger with Suncorp early last year. Shareholders reacted favourably to the news of Mr Wilkins’ appointment, creating an immediate spike in IAG’s share price, which firmed 2.5% to $4.08 in early trading.