Tower Insurance will be searching for a new chief executive as Richard Harding will not extend his contract past its current term and will return to Australia.
His contract would finish towards the end of 2020 and he had decided to return to Australia to be with family after commuting to New Zealand.
Tower’s board had commenced a full domestic and international search for a new chief executive, as well as considering internal applicants.
Harding said it was timely to signal his departure as the company implemented a new platform operating model as part of its digitisation strategy.
“The company is transitioning toward a platform operating model that will accelerate its strategy to deliver growth and reduce expenses,” Harding said.
“The platform model is a non-hierarchical, agile-based structure that enables us to constantly test, learn and deliver outcomes for customers.
“This will help Tower realise the benefits and opportunity that our investment in new IT offers.”
Peter Muggleston, current chief information officer, would take up a new role as chief operating officer, providing executive oversight for Tower’s claims, underwriting pacific and IT business units.
Tal Insurance in Australia grew out of Tower Insurance when it entered the Australian market in 1990.