Mario Pirone, IAG Group Executive Asset Management, will head up the group’s CGU intermediary business when Bob Wagstaffe retires from the company in August.

Michael Hawker, CEO of parent company IAG, says Mr Wagstaffe’s 38 years’ experience was instrumental in building CGU into the leading commercial and rural insurer in Australia.

Mr Wagstaffe will use his last six months with the company to teach the ropes to Mr Pirone, who has more than 20 years’ experience in the financial services sector, and has been a member of the executive team of SGIO and IAG for five years.

“In accepting Bob’s decision to retire, I’m pleased to have been able to appoint someone within our executive team to this pivotal role,” Mr Hawker said.

“I’d particularly like to thank Bob for his leadership throughout the integration, which continues to run ahead of schedule. Bob can be very proud of the legacy he leaves behind.”