Medibank Private Limited
(ASX:MPL) Managing Director George Savvides will retire in March of next year.
The health insurer announced that the Board and Mr Savvides have agreed to bring forward his anticipated retirement date by some 15 months, after leading Medibank for more than 13 years.
Medibank Chairman Elizabeth Alexander said the company will run a formal and comprehensive process, including both internal and external candidates from the global marketplace over the next four months to appoint a successor.
Mr Savvides will not receive performance rights under the 2016 long-term incentive plan.
Medibank Private Limited recorded a net profit of $285.3 million at 30 June 2015.
