MLC Life Insurance has appointed David Stephen to the MLC Limited Board as an Independent Non-Executive Director. David will also serve as Chair of the Board Risk Committee, replacing Andy Cornish who, following 7 years on the Board, is retiring as part of planned Board renewal.

A Banking and Financial Services leader with over 35 years’ experience, David served as Group Chief Risk Officer and a Member of the Executive teams of Westpac, Royal Bank of Scotland, and ANZ Bank, demonstrating a strong record in driving risk management and compliance for some of the largest financial services organisations in the world.

MLC Limited Chairman, Peter Grey, said:

“I am pleased to welcome David to the MLC Limited Board. He is one of the most experienced risk professionals in financial services and this experience will be a great asset for us as we execute the next phase of our business strategy.

I also want to thank Andy for his considerable service to the Board since the acquisition of MLC Life Insurance by Nippon Life. He has played a critical role in the transformation of MLC Life Insurance to a standalone life insurer and leaves us well placed for future success.”

Speaking about his appointment, David said:

“I am delighted to join MLC Life Insurance as one of Australia’s most prestigious and leading financial services institutions. I look forward to contributing my financial services and risk management experience to the Board and the organisation as MLC Life Insurance seeks to achieve its ambition of becoming Australia’s leading and most trusted life insurer.”

David has served on the Boards of the International Financial Risk Institute and the Financial Services Institute of Australasia (FINSIA). He has expertise in strategy, leadership, governance, culture, M&A, transformation, remediation and navigating the complexity of regulated industries.

David holds a Bachelor of Business in Banking and Finance from Monash University.