nib holdings limited (nib) has announced that managing director and chief executive officer (CEO) Mark Fitzgibbon will retire, effective Sept. 1.
Fitzgibbon (pictured), who joined nib in 2002, led the company’s demutualisation and its listing on the ASX in 2007, helping to elevate nib to an ASX100 company.
nib Group chair David Gordon thanked Fitzgibbon for his service.
“Mark has been a tremendous leader at nib and has had an enormous impact on the Australian health sector, making an extraordinary contribution over more than two decades,” he said.
From its beginnings in 1952, nib has grown to cover more than 1.6 million Australian and New Zealand residents with private health insurance. The company also supports over 200,000 international students and workers, ranks as Australia’s third-largest travel insurer, and assists around 40,000 participants in the disability sector.
Gordon noted that much of this expansion occurred under Fitzgibbon’s leadership.
“For the last 22 years, Mark has been at the helm of a company that has undergone a remarkable transformation, and that transformation is a great credit to his leadership,” he said.
Ed Close has been appointed as the next managing director and CEO, expected to assume his role by the end of 2024.
He joined nib in 2017 as head of marketing and products for Australian Residents Health Insurance (arhi). In 2020, he was promoted to chief executive of arhi, and in 2023, his responsibilities expanded to include member experience, claims, and customer services.
Before joining nib, he held senior positions at the Commonwealth Bank of Australia. He holds an MBA from MGSM, degrees in Law and Business from the University of Newcastle, and is a Graduate of the AICD.
Close is currently the chief executive of nib’s core arhi business, where he oversees product development, claims, customer service, and strategic partnerships. He supports nib’s payer-to-partner strategy and health management programs, aimed at improving member health outcomes.
He also leads nib’s collaboration with health-tech company Midnight Health and represents nib on the board of Honeysuckle Health, a joint venture with global healthcare company Cigna. Honeysuckle Health manages health programs in Australia and New Zealand, offers clinical care to help injured Australians return to work, and negotiates contracts between health insurers, hospitals, and providers.
Gordon said Close’s appointment is a testament to the strength of nib’s senior management team.
“I’m delighted with Ed’s appointment,” he said. “It is a testament to Mark’s leadership, and team development, that we can appoint Ed with great confidence.
“Ed has deep insights into the way nib can continue to help shape the future of healthcare in Australia, and he has the support of nib’s senior executive team and the board to achieve that. We look forward to working with him.”
Fitzgibbon welcomed Close’s appointment, saying: “I am very pleased for Ed. He is an outstanding leader and will continue to be supported by nib’s world-class executive team. I look forward to working with him during the transition period.”
Nib, which released its financial results for the half year ended December 31, 2023 early this year, is scheduled to announce its FY24 profit results on August 26, 2024, with additional details to follow.
