Mr Gregg has served as an independent Non-executive Director since 2012. In that time, he has served on a range of committees, including as Chair of the Group Audit Committee and as a member of the Group Remuneration, Group Risk and Nomination Committees.

“On behalf of the Board and our shareholders, I would like to thank Steven for over a decade of exemplary service,” Chairman Duncan West said.

“Steven has made a significant strategic contribution to the development of Challenger during his tenure, drawing on his commercial acumen gained both in Australia and overseas. His experience and dedication have been invaluable to Challenger, and we wish him all the best for the future.”

Mr Gregg said: “It has been a privilege to serve on the Challenger Board. Challenger plays an important role in providing retirees with financial confidence and I wish the team every success.”

Challenger has considered the skills and expertise required at Board level to implement its strategy. An additional non-executive director is expected to be appointed over the coming months.