The head of Challenger Financial Services stepped down on Monday, becoming the latest in a string of Australian chief executives to resign following disappointing results.

Mike Tilley’s departure comes after the Sydney-listed group that is backed by media tycoon James Packer reported an unexpected net loss of A$44.2m (US$38.3m) for the financial year to June 30. Mr Tilley, who has headed Challenger since 2004, will be replaced by his deputy, Dominic Stevens.