CEO of ICBC quits as government review says the insurer is overstaffed

VANCOUVER – On the same day a government review of ICBC said there are too many staff being paid too much, the Crown corporation’s CEO has announced he’s quitting.

Jon Schubert is leaving the Insurance Corporation of British Columbia by Nov. 15, but he will stay on as a paid consultant at full salary until next June.

Schubert’s departure comes on the heels of the government’s review that says management compensation and overhead is too high.

Finance Minister Kevin Falcon says ICBC has been ordered to bring the pay scale for managers more in line with the rest of the public sector.

The report says the corporation is overstaffed, and in the next two years, ICBC will cut up to 195 positions, most of them from management.

It also found that the Crown corporation has done a good job of managing its investments overall and keeping premium increases lower over the last 10 years.