Challenger chief executive officer (CEO) Dominic Stevens has announced today he will step down from the top job.
Stevens, who has been with the listed financial services firm for nine years, is stepping down to take a career sabbatical.
Challenger chief financial officer and group chief operating officer Brian Benari has been named Stevens' replacement.
Challenger's current deputy chief financial officer, Andrew Tobin, will be appointed group chief financial officer when Benari becomes CEO.
"Dominic has made a long and distinguished contribution to Challenger and his foresight in recognising the retirement income opportunity and pivotal role of annuities has underpinned Challenger's ongoing success," Challenger chairman Peter Polson said in a statement.
"We wish him well in his time away from corporate life, as well as every success in the future."
Commenting on his decision to depart the company, Stevens said: "After 25 years in financial services, including five years in CEO and deputy CEO roles, I'm looking forward to taking a career sabbatical, confident in the knowledge that Brian is the right person to take the company through its next growth phase."
Stevens will continue as chief until the company's February 2012 board meeting.
He will remain with Challenger until the end of the 2012 financial year as part of a transition process.
