In a surprising announcement last Friday, Fiona Muldoon is to step down as CEO of FBD and leave the insurance company in 12 months’ time.

Muldoon, who has headed up the insurer for the past five years, took over at a time of turmoil for the insurer. Muldoon led the business through a major repair, recovery and refocus operation over the last five years. She joined FBD as executive director and chief financial officer in January 2015. She was cleared last August of an internal allegation made against her by the company’s human resources director.