QBE Insurance Group (ASX:QBE) - Outgoing CEO, Pat Regan
Outgoing CEO, Pat Regan
Source: Carrier Management
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • QBE Insurance Group’s (QBE) CEO Pat Regan will depart the company following an external investigation
  • While exact details haven’t been provided, QBE claims that workplace communications did not meet the standards set out in the Group Code of Ethics and Conduct
  • While an extensive search is undertaken, Group Chairman Mike Wilkins will assume the role of Executive Chairman and take on the day-to-day running of the company
  • Additionally, this news follows on from the departure of the Vivek Bhatia, the CEO of QBE’s Australia Pacific division less than a month ago
  • QBE has ended the day 6.31 per cent in the red with shares trading for $9.94 each

QBE Insurance Group’s (QBE) CEO, Pat Regan, will depart the company following an external investigation.

While exact details haven’t been provided, QBE claims that workplace communications did not meet the standards set out in the Group Code of Ethics and Conduct.

“We are committed to having a respectful and inclusive environment for everyone at QBE. The Board concluded that he [Pat] had exercised poor judgement in this regard,” Group Chairman Mike Wilkins commented.

“While these are challenging circumstances the board recognises and thanks Mr Regan for his hard work and contribution to strengthening QBE. However, all employees must be held to the same standards,” he said.

“We want our people to have the avenues they need to safely speak up, with the confidence that they will be heard and that all concerns raised will be treated consistently across our workforce,” he added.

While an extensive internal and external search is undertaken, Mike will assume the role of Executive Chairman and take on the day-to-day running of the company.

Additionally, this news follows on from the departure of the Vivek Bhatia, the CEO of QBE’s Australia Pacific division, less than a month ago.

Vivek left the company after two-and-a-half years to take on the role of CEO and Managing Director at superannuation company, Link Group.

While the search for a replacement was underway, Pat took on a more extensive role to oversee the operations.

QBE has ended the day 6.31 per cent in the red with shares trading for $9.94 each in a $15.58 billion market cap.

QBE by the numbers
More From The Market Herald
The Market Herald Video

" OZ Minerals (ASX:OZL) rejects BHP takeover offer

OZ Minerals (ASX:OZL) has rejected an $8.37 billion takeover offer from BHP, claiming the offer "significantly…
Sydney's Star Casino complex.

" Star Entertainment (ASX:SGR) CEO and MD resigns to “take responsibility”

Star Entertainment (ASX:SGR) CEO and Managing Director Matt Bekier has resigned from his roles effective immediately.
Telstra (ASX:TLS) - Outgoing CEO, Andrew Penn

" Telstra (ASX:TLS) maps next steps to finalise legal restructure

Telstra (ASX:TLS) has mapped out the remaining steps required to finalise its proposed legal restructure over…
Santos (ASX:STO) - Managing Director and CEO, Kevin Gallagher

" Santos (ASX:STO) to sell a 12.5pc interest in Barossa to JERA

Oil and gas giant Santos (ASX:STO) has signed a binding sale and purchase agreement (SPA) to…