IAG names Elizabeth Bryan as its chairman

Elizabeth Bryan, who is also chairman of Virgin Australia and a Westpac director, will take over as IAG chairman on March 31.

IAG has appointed Elizabeth Bryan chairman in place of the retiring Brian Schwartz. (AAP)

IAG has appointed Elizabeth Bryan as chairman in place of the retiring Brian Schwartz.

Ms Bryan, who is also chairman of Virgin Australia and a Westpac director, has been deputy chairman since June. She will take over on March 31, with Mr Schwartz stepping down after seven years in the role.

"Her depth of experience in leading some of Australia's most successful companies will be extremely valuable to IAG and its management team," Mr Schwartz said.

IAG is set to announce its first half results on Wednesday.