The chief executive for the Australian operations of Norwich Union, James Mac Kenzie says he will be leaving the group at the end of February with speculation he will head up ANZ Funds Management in March.
The chief executive for the Australian operations of Norwich Union, James Mac Kenzie says he will be leaving the group at the end of February with speculation he will head up ANZ Funds Management in March.
Mac Kenzie had begun the implementation of a five year strategic plan for the company and Norwich spokesperson Ian Forysth says the direction and strategy of the plan had been endorsed by the Australian and British boards.
“Part of his logic with the move was that he was confident with the position of Norwich and from his perspective the work to create a good platform for the future was done,” Forsyth says.
“Obviously senior management knew of the move and it is still disappointing but James says this move was right for him personally and for his family.
Mac Kenzie joined Norwich Union in late 1997 after working as chief executive with the Victorian Transport Accident Commission, the government insurance body responsible for compulsory third party automotive insurance claims.
Current Norwich Union chairman elect Rick Turner, a former Ernst and Young chief executive, will take on the role of executive chairman while an executive search is under way.
The search will be headed by Tom Fraser international executive director for Nor-wich Union PLC, the UK parent for the local organisation.
“We would like to have someone as soon as possible but these things typically take around three months but in the interim Turner has extensive financial services background,” Forsyth says.
“However I’m certainly not aware of Turner staying in the position on a permanent basis as he currently has a number of external appointments within other organisa-tions also.”
