Richard Grellman, who helped oversee Genworth Mortgage Insurance Australia Ltd.’s initial public offering in 2014, is retiring as chairman of the nation’s largest mortgage insurer for lenders.
Grellman will be replaced by Arab Bank Australia Ltd. director Ian MacDonald. MacDonald, who was appointed to the board of Genworth Mortgage in 2012, will take over on Aug. 31.
“I have every confidence that incoming chairman Ian MacDonald will prove to be a more than worthy successor and will ably guide Genworth through the next phase of its development,” Grellman said in a regulatory filing to the Australian stock exchange Friday.
Grellman, who is also retiring from the board, leaves his post after five years in the top director seat. He was at the helm of the insurer’s board when former Chief Executive Officer Ellen Comerford abruptly left the company in October last year.
MacDonald has over 40 years of financial services experience and is a member of each of the board committees, according to the statement.
US-based Genworth Financial Inc. owns 52 percent of the Australian company.
The shares of Genworth Mortgage have risen 5.9 percent since they began trading on the local bourse in May 2014. The benchmark S&P/ASX 200 Index is up 2.5 percent in the period.