CEO OF THE YEAR
DAVID HACKETT
CEO, MLC Life Insurance
For David Hackett, CEO of MLC Life Insurance, the Executive of the Year Awards was an evening to be exceptionally proud of after he took out the pinnacle award – 2019 CEO of the Year. David says taking home the winning title was completely unexpected. “It feels quite surreal. It’s a great surprise so I am a bit overwhelmed by it actually,” he told The CEO Magazine on the night. “I thought, ‘Let’s have a go and see what happens’, but I never really expected to win it.”
He encourages other executives to “have a go” to be in for a chance at winning an award in 2020. “Throw it in the mix and you never know,” he says, adding that it’s about more than the recognition. “You get value out of the process. It’s good to get a handle on who you are, what you stand for and what you’ve done.”
As an underperforming insurance business that was cut loose from its parent company in 2016, David’s achievements are nothing less than formidable. He took the reins as MLC Life Insurance set out on its own in a heavily scrutinized – and publicly criticized – industry that was grappling with a sluggish economy.
In the financial year to 31 December 2018, MLC Life Insurance recorded a 68 per cent improvement in after-tax profit of A$71 million on the previous year, due to a revenue increase of A$21 million and operating cost reductions of A$54 million.
David attributes this remarkable turnaround to his executive team, who stood firm together to ensure this cultural and strategic transformation endured and flourished. He adds that good leadership is centred around employees.
This story is from the January - February 2020 edition of The CEO Magazine Asia.
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This story is from the January - February 2020 edition of The CEO Magazine Asia.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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