Insurer NIB’s long-serving chief executive Mark Fitzgibbon to exit in November

NIB has confirmed the exit date of long-serving chief executive Mark Fitzgibbon after more than two decades leading the major health insurer.

Mr Fitzgibbon in July informed the board of his intention to retire after more than 22 years with NIB, with the insurer announcing he will be succeeded by Ed Close, the chief executive of NIB’s core Australian residents health insurance business.

In a brief statement to the market on Thursday, NIB said Mr Fitzgibbon will formally step down on November 30 and Mr Close will take up the position the following day.

NIB shares rose following the announcement to close up 3 per cent to $5.88.

Mr Fitzgibbon led NIB’s demutualisation and listing on the Australian Securities Exchange in 2007. NIB is now an ASX100 company, worth $2.8 billion.

NIB chair David Gordon in July said Mr Fitzgibbon had been a tremendous leader and had an enormous impact on the Australian health sector.

Mr Close will be paid just over $1 million a year in his role as CEO.