The Board of Medibank Private Limited yesterday announced to the ASX that Craig Drummond (pictured right, from NAB's annual report, 2015) had been appointed the company's managing director and chief executive officer, effective 4 July 2016. He will replace George Savvides, who said in October 2015 that he would retire this year after 14 years leading Medibank, notably through its transition from government ownership to a listing on the Australian Securities Exchange in December 2014. Savvides' term ends at the end of this month.The company said the appointment of Drummond followed "an extensive global search that considered a field of internal and external candidates". David Koczkar, Medibank's Chief Operating Officer, will serve as acting CEO from 1 April.Drummond was most recently group executive, finance and strategy, at National Australia Bank, a role in which he oversaw the simplification and strengthening of the bank's balance sheet through multiple asset sales - including the "transformational" sale of NAB's under-performing UK business, the sale of NAB's US bank Great Western (offloading its 80 per cent of its life insurance risk to Nippon Life), and a $5.5 billion capital raising in 2015.Before joining NAB, Drummond was CEO of Bank of America Merrill Lynch in Australia. Drummond's employment arrangements include total fixed remuneration of $1,500,000 per annum - a 50 per cent increase on his predecessor. Plus Medibank is offering him short and long-term incentives that could double his base salary.