Challenger CEO to retire

Challenger has announced that Brian Benari will retire as managing director, chief executive officer, and as a member of the firm's board, effective January 2019.

Benari, who joined Challenger in 2003, was appointed managing director and CEO in February 2012, having previously held the role of group chief financial officer and chief operating officer since 2008. Previously, he held executive roles with JP Morgan, Bankers Trust and Macquarie Bank.

Commenting on his time with the firm, Challenger chair, Peter Polson, said: "Brian has led Challenger through an immensely successful period of growth, establishing the company as the clear leader in retirement incomes and developing one of the fastest growing active fund managers in the country. On behalf of the Board I would like to thank him for his extraordinary contribution over the past 15 years."

Benari added that it had been "an absolute privilege and pleasure to lead Challenger" and to work with "an extraordinary team of people to achieve a significant transformation."

He will be succeeded in the top job by Richard Howes, who currently leads Challenger's distribution, product and marketing team.

Benari and Howes will work together over a six month period to "ensure a seamless transition", Challenger said.