Geer exits top spot at ICBC

The Insurance Corp. of B.C. (ICBC) says its CEO Nick Geer is leaving at the end of next month, but no successor has been named.
Geer took over top spot at the government insurer three years ago – originally serving as chair and then assuming the CEO’s role in 2002 charged with tackling forces to open up competition and challenging ICBC’s transparency. At the time, the Liberal government had been elected on a platform of opening auto insurance up to greater competition from private insurers, with private insurers charging ICBC with having closed-door finances.
Since then, the public insurer has completed a “core services review” which led the government to decide only to open up the “optional” portion of auto coverage to greater competition and allow ICBC to maintain its monopoly on basic coverage. At the same time, ICBC’s books have been opened to greater scrutiny.
“”After bringing about a remarkable turnaround at ICBC, the Board deeply appreciates what Nick Geer has accomplished,” says ICBC chair T. Richard Turner. While Turner gave no specific reasons for the move, he says, “the corporation is on a very sound financial and operational footing, and it is time for a leader for the long term to be at the helm of the ICBC”.
At the time Geer took over the CEO’s role, it was announced as an interim appointment.
Turner says a new interim CEO will be appointed to serve until a successor is found. He adds Geer will receive compensation of almost $450,000, a car allowance and other benefits in accordance with his contract.