Challenger’s chief financial officer Brian Benari has been appointed to take over as chief executive next year.

Mr Benari will succeed current CEO Dominic Stevens in February 2012, Sydney-based Challenger said in a statement on Thursday.

Mr Stevens will remain with Challenger, Australia’s biggest annuity provider, to the end of financial 2012 to ensure a smooth transition before taking a career sabbatical.

Mr Benari had been at Challenger for the last nine years and was CFO and chief operating officer for the last three years.