NIB shares drop as long-time CEO steps down
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More news: Shares in NIB Holdings fell 4% to $6.94 in early trading after the health insurer said its long-time CEO Mark Fitzgibbon will retire on 1 September and will be replaced by its ARHI business boss Ed Close.
Fitzgibbon has been NIB's managing director and CEO since 2002.
NIB’s long-time CEO Mark Fitzgibbon to retire
The news: NIB Holdings’ long-time CEO Mark Fitzgibbon will retire on 1 September and will be replaced by the boss of the health insurer's ARHI business, Ed Close.
The numbers: Fitzgibbon joined NIB in 2002 as managing director and CEO, and led the company’s demutualisation and ASX listing in 2007. Close joined NIB Group in 2017 as head of marketing and products for its core Australian Residents Health Insurance (ARHI) business, before being appointed its CEO in 2020.
The context: Close, who has previously held senior roles at Commonwealth Bank, is expected to formally take up his new position before the end of 2024. NIB said he has driven strong growth at ARHI and also oversees product development, claims and customer services, and leads the group’s strategic partnerships with brokers and white label partners.
NIB Group Chair David Gordon thanked Fitzgibbon for his contribution. “For the last 22 years, Mark has been at the helm of a company that has undergone a remarkable transformation, and that transformation is a great credit to his leadership,” he said in a statement.
The source: ASX
