Zurich chief executive quits
ZurichFinancial Services Australian chief executive John Butler has resigned after a five-year tenure at the helm of the group, during what Zurich’s chief executive, international business Martin South describes as a “challenging period”.
Outgoing chief executive Butler has been with Zurich since 1999 after initially being hired as chief financial officer, before moving into the top job in March 2002.
He will be replaced by former chairman and chief executive of Pathos Partners, Tom Brown.
Zurich has been quick to point out that while the Australian Prudential Regulation Authority (APRA) investigation was entered into prior to Butler’s appointment as chief executive, Butler has agreed to continue to assist Zurich with the ongoing review by the regulator of its reinsurance operations.
“As chief executive, Butler was instrumental in Zurich’s strong turnaround over the last few years and we thank him for his leadership in a challenging period,” South says.
Brown will step down from his roles with Pathos Partners, a consultancy company facilitating advice and investment in venture capital projects in the financial services sector.
He has more than 30 years experience in the financial services industry, both in Australia and internationally.
“His appointment will be an important step in accelerating Zurich Australia’s role in the group’s overall global business mix,” South says.
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