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IAG CEO to retire

Peter Harmer plans to retire as managing director and CEO of Insurance Australia Group Ltd. by the end of 2020.

IAG CFO Nick Hawkins will serve as deputy CEO, effective immediately. He will be in charge of the management and performance of the company's day-to-day operations during the transition period.

Michelle McPherson, who serves as IAG's CFO for Australia, was named acting group CFO.

IAG has started a search process to select Harmer's successor from internal and external candidates.