Insurance Australia Group (IAG) has announced that Ian Foy, currently CEO of IAG's New Zealand business, will return to the UK to become CEO of IAG's UK business, succeeding Neil Utley.
IAG CEO and managing director Mike Wilkins said Foy's successful track record in improving the performance of the group's New Zealand business, combined with his experience in the UK mid-size car market, made him the clear choice to lead IAG's UK operation, which owns the troubled Equity Red Star brand.
"Ian has extensive insurance industry experience which will be crucial as he drives the comprehensive remedial action plan we announced last month,” Wilkins said.
"Ian has been with IAG for seven years, including two years as CEO of IAG's New Zealand business and five years running NZI.
"Prior to this he spent more than a decade working in various roles in the UK insurance industry with Aviva and General Accident."
Wilkins said that with the program to restructure Equity Red Star in place, he and Utley had mutually agreed that now was the appropriate time to introduce new leadership in the UK.
"I would like to thank Neil for his leadership of the business in a challenging market environment during the past three years."
Foy will assume his new role on 1 September 2010 and to ensure an orderly transition, Utley has agreed to remain with IAG's UK business until 30 September.
Jacki Johnson, currently CEO of IAG’s online business, The Buzz, will replace Foy as CEO of IAG New Zealand. Before joining IAG she had roles with Allianz, HIH and IRS Total Injury Management.