Statewide Super boss Richard Nunn will depart the Adelaide-based fund next month

Statewide Super boss Richard Nunn will step down from the Adelaide-based fund next month after being lured by US life insurance giant MetLife.

Statewide Super chief executive Richard Nunn is stepping down next month.

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Statewide Super boss Richard Nunn will step down from the Adelaide-based fund next month after being lured by US life insurance giant MetLife.

Mr Nunn will relocate to Sydney to oversee MetLife’s Australian operations as its local chief executive after three years with Statewide.

Statewide chairman Ken Williams said the board had a succession plan in place, and had commenced “necessary processes and due diligence” regarding the appointment of a new chief executive.

“The board are immensely thankful for the work that Richard has done in his three years with Statewide Super,” he said.

“The organization has been transformed under his leadership – we’ve experienced positive membership growth, increased funds under management, delivered consistently strong investment performance and established a strong, capable and cohesive leadership team.

“Our brand has grown to be a household name and our members tell us they are enjoying a much improved service.”

MetLife is a global insurance company and the third-largest life insurer in Australia.

The company has recently expanded into retail life insurance through financial advisers, and has been a provider of life insurance in Australia since 2005. Statewide is a long-standing client of the company.

MetLife Australia chairman Geoff Brunsdon said Mr Nunn’s deep financial experience and ability to deliver growth made him a “great fit” for the company.

“MetLife continues to gather momentum in Australia, recently expanding into the retail market and winning the multi-million dollar Tasplan tender,” he said.

“I am confident Richard will continue to build on that momentum and deliver our vision of giving people the fastest, easiest and most caring life insurance experience.”

In October, MetLife was selected to partner with Tasmania’s largest industry super fund, Tasplan, to deliver insurance products to the fund’s 145,000 members.

Mr Nunn has more than 30 years of financial services experience, and prior to joining Statewide, held stints with NAB, Commonwealth Bank, IOOF and AXA.

He replaces Deanne Stewart, who left MetLife late last year to replace Michael Dwyer as chief executive of First State Super.

MetLife Australia chief financial officer Vince Watt will continue as acting chief executive until May, when Mr Nunn commences in the role. He will depart Statewide on February 28.