Weekend Update: New CEO deal, major chairman steps down and broker banned

Making news this week, a leading industry player announces a new deal for its CEO whilst the chairman of another major business announces his plans to retire and a NSW-based broker is banned by ASIC.

Austbrokers CEO and managing director, Mark Searles, has seen his contract at the head of one of Australia’s biggest broker networks renewed for a further three years.

Searles, who’s company celebrated their 30^th anniversary this week, was pleased with the new contract as he told Insurance Business exclusively.

IAG is the market for a new chairman with Brian Schwartz announcing at their AGM this week that he would step down from the business.

Schwartz’s move follows that of CEO and managing director, Mike Wilkins, who announced he would leave the company earlier this month.

Finally, one New South Wales-based broker has been permanently banned by ASIC following a host of improprieties that saw him pocket more than $3 million.