Insurer CEO Steps Down Over Conduct

Australian insurance group QBE has revealed its CEO has resigned following a probe into his actions.

Pat Regan (pic) has stepped down having been at the helm of the group for three years following the external investigation.

The investigation was launched after a number of concerns around what were described as “workplace communications” which it was deemed “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,” said group chairman Mike Wilkins. “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.”

The hunt for a new CEO has already begun and Mr Wilkins will assume responsibility for the day to day operation of the firm until such time and the new CEO is appointed. QBE are also to bring in a team of outside experts to review the company’s current culture. It will also examine ways in which employees can access greater support and enhance the ability for concerns to be raised.

“We are committed to having a respectful and inclusive environment for everyone at QBE.”

Mike Wilkins, Group Chairman, QBE.

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