MLC Life Insurance CEO steps down

In a statement, the MLC board said it supports Mr Hackett’s decision, saying it “appreciates David’s strong commitment and contribution to MLC Life Insurance”.

“This has included leading, as the first CEO, its establishment as a standalone life insurer while separating from the National Australia Bank and joining the Nippon Life Insurance Group,” the insurer said.

“This has been a complex and difficult task and has required enormous personal time and energy from David.

“This task has been made even more complex by the significant commercial challenges facing the Australian life insurance sector along with major regulatory changes. The board wishes David all the very best for his future.”

MLC Life Insurance’s chief of group and retail partners, Sean McCormack, will become acting CEO and managing director, effective immediately, until a permanent new chief executive and managing director is appointed. 

The MLC board said it has begun a global search and will also consider strong internal candidates.

Adrian Flores

Adrian Flores is a deputy editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.

You can contact him on [email protected].