IAG Managing Director and CEO Nick Hawkins said: “Michelle has played an important role in helping drive the business to achieve its strategic goals during a challenging time for the industry and economy. I would like to thank Michelle for her contribution and wish her all the best in her retirement later this year.”

Ms McPherson will continue in her role as CFO while an internal and external search to identify her replacement is conducted.

Mr Hawkins also announced that IAG’s Chief Insurance & Strategy Officer Tim Plant will be leaving IAG on 30 June 2023 as the company consolidates its group functions to better support its three operating businesses: Direct Insurance Australia, Intermediated Insurance Australia, and New Zealand.

“Our plans are clear. We want to accelerate the delivery of our plans and ensure our three operating businesses can continue to meet customer needs in this rapidly changing environment. Tim has established greater discipline and alignment on how we execute our strategic priorities and helped to strengthen our underwriting governance during his time at IAG. I thank him for his contribution,” Mr Hawkins said.

Mr Plant heads up the company’s Strategy, Innovation and Underwriting division. Strategy and Innovation will sit within Finance and Underwriting will be transferred to Risk.