The founding chief executive of a life insurance provider has indicated he will retire in mid-2020, after 40 years in financial services.
Life Integrity CEO Chris Powell has stepped down and will transition into a capital markets role to lead the company’s current capital raising for the meantime. Chief financial officer Lesley Mamelok will replace him as acting CEO.
Mr Powell had been founding CEO for five years, with Integrity crediting him for driving its establishment.
The Integrity board has commenced its hunt for his permanent successor.
Chairman Eric Dodd commented, “Chris retires knowing that he has made an exceptional contribution to Integrity, having successfully driven the launch of one of Australia’s newest insurance companies.”
“Integrity Life now has operational momentum, an established market presence, modern, adaptable technology and truly customer and adviser-focused underwriting and claims processes.”
Mr Powell added, “Having spent the last five years fulfilling my entrepreneurial ambition to launch a disruptive, innovative new life insurer, I’m looking forward to a change of pace, but will continue to support Integrity in any way I can.”
His stepping down comes a year after Integrity launched to the retail adviser market, following its rollout to the group market in 2018.
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
You can contact her on [email protected].