QBE Insurance board has carried out an external investigation, which did not meet the standards according to its code of ethics and conduct
QBE Insurance announced that its CEO Pat Regan is set to leave the organisation, following an external investigation on workplace communications and a complaint by a female employee.
The Australian insurer said that its board has taken a decisive action against CEO after an external investigation, which did not meet the standards according to its code of ethics and conduct..
QBE Group chairman Mike Wilkins said: “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.
“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.”
Mike Wilkins will be appointed as executive chairman
Mike Wilkins will be appointed as executive chairman and will oversee the company’s operations. A wide-ranging internal and external international search process will be continued to appoint a new CEO for the organisation.
The company’s Board is expected to undertake additional initiatives in few weeks, to support its previous efforts to develop an inclusive culture.
Also, the board will sponsor an externally supported culture review and create an additional platform for employees to safely raise concerns and receive support that will supplement existing channels.
Established in 1886, in Townsville, in northern Queensland, QBE provides insurance services across Australia, North America, Europe and Asia Pacific region.
Wilkins added: “The fundamentals of our business are strong, supported by cell reviews and Brilliant Basics which continue to grow in sophistication and remain key drivers of our performance. Alongside this, we are accelerating our program of work to build best-in-class data and digital capabilities to meet the evolving needs of our customers.
“Coupled with a greatly improved external pricing environment, these factors give me great confidence in our future. 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.”