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Australia's IAG says CEO Hawker resigns

Sun May 25, 2008 8:06pm EDT

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SYDNEY, May 26 (Reuters) - Insurance Australia Group Ltd (IAG.AX), a takeover target for rival QBE (QBE.AX), said on Monday its Chief Executive Michael Hawker had resigned with immediate effect, to be replaced by chief operating officer Michael Wilkins.

Chairman James Strong said IAG was conducting a review of every aspect of its business in Australia and overseas and anticipated briefing the market on the outcomes of the review in early July.

In a statement, Hawker said: "I have lost the confidence of a number of our shareholders which is not tenable for the company."

Its shares rose as much as 3 percent after the news. (Reporting by James Thornhill)



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