Career banker Craig Drummond is the new CEO of Medibank Private

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Craig Drummond, a career banker, has been appointed the next CEO of Medibank Private, Australia’s largest health insurer.

“I am very excited to lead this great Australian company,” says 55-year-old Drummond, a former country head of Bank of America Merrill Lynch.

“Medibank has a long history of delivering quality, affordable health outcomes to its members, as well as sound financial returns to its owners. My goal is to continue that record of strong performance for members and shareholders, and to play our part in transforming the health system.”

Medibank Private last year posted a full year net profit of $291.8 million, beating its own prospectus forecast of $258.2 million.

Drummond was most recently group executive, finance and strategy at NAB, a role in which he oversaw the transformation of the bank’s balance sheet through multiple asset sales and Australia’s largest equity capital raising.

When he resigned from the NAB last month, he said he was no longer excited by the work of a CFO. He joined NAB thinking he had a chance to become chief executive and he said he still aspired to a CEO.

Before joining NAB, he was CEO of Bank of America Merrill Lynch in Australia. He joined JB Were as an analyst in 1986 and was instrumental in the merger of the business with Goldman Sachs in 2003. He was CEO of Goldman Sachs in Australia from 2007 to 2009.

Drummond’s basic pay package is $1.5 million plus short and long term incentives.

David Koczkar, Medibank’s Chief Operating Officer, will serve as acting CEO from April 1 when the current CEO George Savvides retires after 14 years leading Medibank. Drummond starts in July.

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