Talks between Zurich Financial Services Australia (Zurich) and Matthew Drennen have failed to result in the former executive general manager investments remaining with the group in a local or global capacity.
In February, Zurich Australia chief executive life and investments Colin Morgan told InvestorDaily the company was in talks with Drennan about potential international roles for him within Zurich following his role being made redundant.
Drennan's position was made redundant as a result of an executive restructure that saw the merging of the executive general manager roles of its life and investment divisions.
"Matthew left entirely and as a result of that, the only other change we made is that Patrick Noble has been elevated now in our structure," Morgan told InvestorDaily yesterday.
"He takes on added responsibility in terms of chairing our investment committee and other areas."
Commenting on Drennan's next move, Morgan said: "I think Matt is probably just reviewing where he wants to take his career next.
"I haven't heard that he has actually gone to any other group at this point."
Morgan said that Zurich's main focus now is to settle the new changes.
Under the changes, Zurich head of sales - life risk Philip Kewin will became general manager retail life and investments, while Zurich head of retail sales Kristine Wade became head of sales for life and investments.
Zurich investment chief operating officer (COO) Stephen Latham will move into the role of Zurich life and investments COO in August when Chris Rutherford, who is currently holding that position, retires.
Zurich life marketing manager Richard Dunkerley moved into the role of head of marketing for life and investments.
The management changes were effective 1 March.
