NSW state insurer icare has appointed CFO Stuart Farquharson as interim CEO after former chief Richard Harding left earlier than previously announced and as a consultation on job cuts progresses.

As insuranceNEWS.com.au revealed earlier this week, icare has begun talks with union representatives and staff on proposed structural changes that may reduce its workforce by 130 and bring savings of about $23 million a year.

In April, the insurer announced that Mr Harding, who took the role in 2021, had resigned and would depart in October to focus on taking up board positions. In fact, Mr Harding left last month. 

icare declined to comment on the reasons for Mr Harding’s earlier than expected departure, but confirmed Mr Farquharson’s new position. 

Mr Farquharson has been icare’s CFO since October 2022 and was previously CFO for Zurich, AIG, Citibank, Manchester Unity and Hollard.

“icare is undertaking a recruitment process for a new CEO, and will provide an update once this process is complete,” a spokesperson told insuranceNEWS.com.au.

“The CEO recruitment process has not been impacted by proposed changes that icare is consulting its staff on to continue improving efficiency and effectiveness.”

Under the proposals, group executive roles could be cut by 25% and senior leadership jobs by 20%, with a 7% reduction in roles across the organisation, which employs 1800 people.