QBE chief Pat Regan departs after investigation
QBE Group chief executive Pat Regan will leave the insurer after an external investigation into workplace communications that the board said did not meet the group's code of ethics and conduct.
The company said in an ASX announcement on Tuesday that chairman Mike Wilkins would take up the role of executive chairman while it launched an internal and external search for a new CEO to replace Mr Regan, who had been running QBE for almost three years.
QBE chief executive Pat Regan will leave the firm immediately.Credit:Renee Nowytarger
"We are committed to having a respectful and inclusive environment for everyone at QBE. The Board concluded that he had exercised poor judgement in this regard," Mr Wilkins said in a statement.
"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."
The company's announcement did not provide further details of the communications, or its investigation.
Mr Wilkins, who also filled in as temporary chief executive of AMP when it was thrown into crisis in 2018, said the fundamentals of QBE's business remained strong.
"While COVID-19 has created significant challenges, QBE is successfully navigating this period of uncertainty, and the Group’s demonstrable financial strength positions us well to capitalise on accelerating pricing momentum and emerging organic growth opportunities," Mr Wilkins said.
More to come