IBC President Announces Sudden Resignation

Insurance Bureau of Canada’s President and CEO, Mark Yakabuski, has resigned from the organization.

He was in the position since January 1 when he replaced Stanley Griffin, who retired, and also only the second president in the IBC’s 43-year history, besides Griffin, to ascend from within the organization.

The IBC  explained Yakabuski’s abrupt departure in a brief statement: “Having established a strong strategic course for the organization as president and CEO, he is leaving after 15 years of service to IBC in order to pursue new challenges.”

A formal search is on for his replacement while Randy Bundus, IBC’s vice president, general counsel and corporate secretary, has been appointed acting president in the interim.

Yakabuski is also the second executive-level leader to resign within months of assuming a leadership role; Bonnie Lysyk, who took on the title of vice president, Ontario, for the IBC, left just five months later to also “to pursue other opportunities” the organization said in a statement announcing her hasty departure last May.

In an interview with Canadian Insurance magazine upon assuming the role of president, Yakabuski enthused about unifying the organization to foster consensus amongst member companies.

“I think there needs to be a recognition that there is a whole gamut of issues with respect to financial institution reform where we will play a very important part and will do so in the interest of all other insurance organizations that we hope will work in concert with us,” he said.

“What we’ve taken off the table is a preoccupation about distribution issues that frankly don’t find a consensus anymore within the insurance industry.”

There’s no word on how long the search to formally replace Yakabuski will take.

He had been with the organization in various capacities since 1993.

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