Codan (ASX:CDA) appoints new Managing Director and CEO

• Codan (CDA) appoints Alf Ianniello as its new Managing Director and Chief Executive Officer
• The appointment comes with a $1 million per annum fixed remuneration with short and long term incentives pending performance milestones
• The new CEO succeeds Donald McGurk, who will facilitate a transition during the first quarter of 2022
• Alf Ianiello will assume his new role from January 4, 2022
• Codan shares dipped 0.19 per cent, trading at $10.37 at 11:55 am AEDT

Codan (CDA) has appointed Alf Ianniello as its new Managing Director and Chief Executive Officer.  

The appointment comes with a $1 million per annum fixed remuneration, inclusive of superannuation, with short and long term incentives pending performance milestones.

Alf Ianniello comes from Adelaide-based Detmold Group, where he held the role of Chief Executive Officer for 14 years.

Chairman of Codan, David Simmons, said he was delighted to announce Mr Ianniello’s appointment following eight years working on the Detmold Board with him.

“He has a proven track record of leveraging innovation and organisational capabilities and achieved significant growth in sales and profitability during his time as CEO, with revenues reaching US$450 million,” said David Simmons.

“Today’s appointment will enable the Board and the senior leadership team to plan for a smooth transition.”

Mr Ianniello succeeds outgoing CEO Donald McGurk, who will retire from the role.

“Donald has committed to staying on for as long as Alf considers it worthwhile to ensure a seamless transition during the first quarter of calendar 2022,” explained Mr Simmons.

“The current plan is for Alf and Donald to visit all our staff, key customers and major suppliers in Australia and around the world in late January 2022, and then Donald will accompany Alf on the investor presentation circuit in February next year.”

Alf Ianiello will assume his new role from January 4, 2022.

Codan shares dipped 0.19 per cent, trading at $10.37 at 11:55 am AEDT.