QBE sheds CEO after an external review

Shares in insurer QBE have fallen by more than five per cent after its group CEO departed following an investigation into workplace communications.

Pat Regan is leaving after three years in the job as the board said it had to take “decisive” action after receiving the external report.

“We are committed to having a respectful and inclusive environment for everyone at QBE,” group chair Mike Wilkins said in a statement on Tuesday.

“The board concluded that he had exercised poor judgment.”

No further details were given.

At 1522 AEST, shares were down 5.8 per cent to $9.99.

QBE thanked Mr Regan for his hard work at the insurer, noting “all employees must be held to the same standards”.

Mr Wilkins will assume the role of executive chairman and have day-to-day oversight of QBE while a search for a new CEO is conducted.

In the meantime, the QBE board has begun a review of workplace culture and promised to create new systems so employees can “safely raise concerns” and receive support.

“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,” Mr Wilkins said.

QBE in August reported a 2020 first-half net loss of $US712 million ($A965 million) on a continuing operations basis.

Be the first to comment

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.