APRA looks internally to fill exec director roles

Yasmine Raso

Senior Journalist

31 March 2026

The Australian Prudential Regulation Authority (APRA) has confirmed the two replacements to fill its vacant Executive Director roles were selected from its own ranks, following a recruitment search.

The search was initially sparked by the departure of Carmen Beverley-Smith from the Executive Director of Life and Private Health Insurance and Superannuation (LPHIS) role back in January, after which former Executive Director of General Insurance and Banking, Jane Magill, moved across into the role some weeks later.

The regulatory body said current General Manager of Banking, Peter Diamond, has been promoted as Magill’s successor, while Peter Kohlhagen, who acted in the Executive Director LPHIS position until it was assumed by Magill, has been promoted from General Manager of Superannuation to Executive Director of Policy and Advice following the resignation of Sean Carmody.

Diamond brings over two-and-a-half decades of experience in global banking and regulation roles, having held several executive positions at Deutsche Bank, Royal Bank of Scotland and Merrill Lynch.

In his 21 years at APRA, Kohlhagen has held a variety of senior leadership roles across the regulator’s Superannuation, Insurance, and Policy and Advice divisions.

Another recruitment search will be conducted “internally and externally” to fill the now vacant General Manager roles.