The CEO of the Insurance Corporation of B.C. (ICBC) is making a fairly notable New Year’s resolution.
Mark Blucher will depart ICBC on December 29 to become the president and CEO of Central 1 Credit Union.
He begins his new job in finance on January 22, 2018.
ICBC has taken heat in recent months after a report ordered by the previous Liberal government and conducted by Ernst & Young revealed the insurer was facing significant financial pressures.
EY’s report concluded drivers would face a 30% rate hike by 2019 if ICBC’s financials continued on its present course.
Last month the government announced PwC Canada would conduct an operational review of ICBC.
"ICBC's loss is Central 1's gain," ICBC board chairwoman Joy MacPhail, a former BC NDP cabinet who was appointed by the new government in July, said in a statement.
"We will miss Mark's extensive expertise and leadership but this is a great career opportunity for him. I am particularly pleased he has decided to stay in the province and continue to contribute his expertise here in British Columbia."
Blucher takes over the helm at Central 1 from Don Wright, who left the credit union to accept a deputy minister position and become the head of public service in the new government.
Blucher has been with ICBC since 2010 and has served as president and CEO since 2012.
Prior to ICBC, he served as an executive at Suncorp Group.
ICBC said in a statement that it would appoint an interim CEO shortly.
