New chief for ING Australia

Life insurer and wealth manager ING Australia has announced a new chief executive and a revamp after a 22 per cent rise in annual net profit.

ING's full year profit of A$314 million ($361 million) was an increase of 22 per cent on 2006, as core operating profit rose 37 per cent to A$271 million.

Current chief executive Paul Bedbrook is moving to head up ING's Hong Kong-based operations. He will be succeeded by Harry Stout, ING's head of wealth management market segments.

Bedbrook will have responsibility for operations in Australia and New Zealand, Japan and Malaysia.