While QBE Insurance Group recently lost its group chief executive following a complaint from a female colleague, IAG chief executive officer Peter Harmer announced his retirement five months ago. Now, IAG’s board is under pressure to find a replacement.

With nearly half a year gone since Harmer confirmed his retirement, investors are concerned that an external appointment will result in the departure of other key managers, including two internal CEO candidates Nick Hawkins and Mark Milliner.

Concern over the upcoming CEO appointment has impacted the IAG share price, with the stock trading at an eight-year low – closing on Tuesday at $4.66 per share.

As a result, IAG chairwoman Elizabeth Bryan and the rest of the board are under pressure to make a decision as soon as possible.

IAG confirmed via the Australian Financial Review that its search process is “fairly well progressed.” However, it did not confirm if the appointment will be internal or external.