MLC Life Insurance has announced that CEO and Managing Director, David Hackett, has decided to step down from his role and will be leaving the insurer with immediate effect.
A statement issued by the insurer notes that the MLC Limited board supports his decision.
“The board appreciates David’s strong commitment and contribution to MLC Life Insurance. This has included leading, as the first CEO, its establishment as a standalone life insurer whilst separating from the National Australia Bank and joining the Nippon Life Insurance Group,” the statement says.
“This has been a complex and difficult task and has required enormous personal time and energy from David.
“This task has been made even more complex by the significant commercial challenges facing the Australian life insurance sector along with major regulatory changes. The board wishes David all the very best for his future.”
The insurer says that Chief of Group and Retail Partners, Sean McCormack, will become Acting CEO and Managing Director, effective immediately, until a permanent new CEO and Managing Director is appointed.
MLC says the board has started a global search and will also consider strong internal candidates.