Total
0
Shares
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • QBE Insurance Group (QBE) has announced the impending departure of Vivek Bhatia, CEO of the company’s Australia Pacific division
  • Vivek will leave the company this month, to become Managing Director and CEO of Link Group (LNK)
  • At Link Group, Vivek will take over from John McMurtrie, the company’s Managing Director of nearly twenty years
  • QBE Insurance Group shares are steady today, trading for $9.94
  • Meanwhile, Link Administration Holdings stock is down 0.71 per cent, priced at $4.21 per share

QBE Insurance Group (QBE) has announced the impending departure of Vivek Bhatia, CEO of the company’s Australia Pacific division.

Vivek will leave the company this month after spending approximately two and a half years with QBE. Now, he will take on the role of Managing Director and CEO at superannuation administration company, Link Group (LNK).

In preparation for Vivek’s exit from QBE, Frank Costigan has been appointed to the interim role of Managing Director of Australia. Frank, along with Declan Moore, the CEO and Chief Customer Officer of New Zealand & Pacific, will assume temporary responsibility for QBE’s AUSPAC division.

QBE Group’s CEO, Pat Regan, will also take on greater oversight of operations in QBE’s home market during this time of transition. This will continue while an internal and external process to select Vivek’s successor is underway.

Pat Regan commented on Vivek's departure, which will take place shortly.

“During his time with QBE, Vivek has continued to strengthen our operations in Australia Pacific, and driven strong financial performance. I would like to thank Vivek for his contribution, and wish him well with this new opportunity,” Pat said.

At Link Group, Vivek will be taking over from John McMurtrie, the company’s Managing Director of nearly twenty years. John will present the company’s full-year results on August 27, and the Managing Director’s report on October 27.

Over the next few months, he will work with Vivek to ensure a smooth transition of power. Once this is complete, John will officially retire from his position at Link Group in early 2021, allowing Vivek to take over.

Under his new contract, Vivek will earn a salary of $1.3 million a year, including superannuation. He commented on his appointment to the top position at Link Group.

“I’m excited about the opportunity to lead this great company through the changes rapidly reshaping the administration services and technology sector globally," Vivek explained.

“My early priorities will be to work with the leadership of this diverse business to build on the strong culture of employee and client engagement, and continue to grow the group to deliver increased value for shareholders,” he said.

After this news was announced on Friday, August 7, QBE’s share price dropped 1.49 per cent. On the same day, Link Group’s share price increased by 2.66 per cent.

QBE Insurance Group shares are steady today, trading for $9.94. Meanwhile, Link Administration Holdings' stock is down 0.71 per cent, priced at $4.21 per share at 10:44 am AEST.

QBE by the numbers
More From The Market Herald
Woodside (ASX:WPL)- Interim Chief Executive, Meg O’Neill - The Market Herald

" Woodside (ASX:WPL) pulls out of Canadian LNG project to focus on “higher value opportunities”

Only a month into the job, acting Woodside (WPL) CEO Meg O’Neill is making some big changes, most recently with the decision to exit
St Barbara (ASX:SBM) - Managing Director & CEO, Craig Jetson - The Market Herald

" St Barbara (ASX:SBM) cuts production guidance as transition to Macmahon (ASX:MAH) lags

St Barbara (SBM) has cut its 2021 production guidance as the timing of a transition to its new contractor Macmahon (MAH) falls “well
carsales.com (ASX:CAR) - CEO & Managing Director, Cameron McIntyre - The Market Herald

" carsales.com (ASX:CAR) completes $428M institutional entitlement offer

carsales.com (CAR) has successfully completed its underwritten one-for-6.99 institutional entitlement offer and raised roughly $428 million.
Elders (ASX:ELD) - Managing Director & CEO, Mark Allison - The Market Herald

" Elders (ASX:ELD) posts 31pc jump in half-year profit

Citing several factors, Elders (ELD) has reported promising results across the board for the six months ending March 31 2021.