Medibank, Australia's largest health insurance provider, has chosen the former National Australia Bank Chief Financial Officer to lead its business.
Craig Drummond has been appointed the company’s Managing Director and Chief Executive Officer, effective 4 July 2016. Medibank claimed to have undertaken an extensive global search that considered a high quality field of internal and external candidates.
David Koczkar, Medibank’s Chief Operating Officer, will serve as acting Chief Executive Officer (CEO) from 1 April, when current Managing Director and CEO George Savvides retires. Savvides announced in October 2015 that he would retire as Managing Director and CEO this year after 14 years leading Medibank – with 3.8 million members and 29 percent of the market under two brands,.
«The Board is delighted an executive of Craig Drummond's calibre has agreed to lead Medibank. He has an outstanding reputation for his leadership capabilities, strategic thinking and business acumen. He brings with him deep experience in regulated service industries requiring a strong customer focus,» said Elizabeth Alexander, Medibank’s Chairman.
Goldman Sachs Deal
finews.asia reported in February that Drummond had unexpectedly departed National Australia Bank (NAB) where his focus had been on a strategic realignment and repositioning of the bank, its balance sheet and performance management systems.
Drummond had joined Goldman Sachs JB Were in 1986 in equity research and was in various roles from 2003 of Chief Operating Officer, Chief Executive Officer and Executive Chairman until May 2009. He was instrumental in the merger of JBWere with Goldman Sachs in Australia and New Zealand in 2003.
Prior to the NAB, Drummond’s role from October 2009 was Chief Executive Officer and Country Head of Bank of America Merrill Lynch.
Previously an Australian government business enterprise, Medibank was privatised in 2014 by the Abbott Government and now operates as a publicly listed company on the ASX.
