MLC Life's finance chief Kent Griffin will be promoted to the top job in October succeeding Rodney Cook who will depart after two and a half years.
Griffin joined the life insurer in 2020 from TAL, where he was the chief financial officer for seven years.
Before that, he was a partner of Ernst & Young and regional chief financial officer of AXA Asia Life.
"I am pleased the board has chosen Kent to take over from Rodney as our new chief executive. He is an outstanding leader and brings a wealth of commercial and strategic experience to the role," said MLC Life chair Peter Grey.
"Since he joined us in early 2020, Kent has helped strengthen our business and has overseen our return to profitability. He is a strong leader with a clear vision for the future of MLC Life Insurance as we face the challenges of a fast-changing life insurance sector and ever-evolving customer needs."
The chair acknowledged Cook's service. Grey pointed out that Cook guided the business through a series of major changes including the completion of its technology transformation program.
"During his tenure, Rodney commenced an important change to our culture and mindset to one that is relentlessly focussed on the needs of our customers," said Grey.
"We are confident this good work will continue after his departure."
Following his appointment in 2020, Cook worked closely with the board to strengthen the leadership team to ensure the company had a strong internal candidate to take his place when he was ready to retire.
To ensure a smooth transition, he will continue to lead the business over the next five months.
Griffin added that with the continued backing of MLC Life's shareholders Nippon Life and National Australia Bank, he is confident in the bright future for the company, its customers, partners, and people.