QBE ousts CEO Regan after investigation into workplace culture
QBE Insurance Group has parted company with group chief executive officer (CEO) Pat Regan following an external investigation into its workplace communications that revealed he had "exercised poor judgement".
In a statement to the Australian Stock Exchange (ASX), the re/insurer said that its board of directors completed an external investigation and have taken a "decisive action" in relation to the outcomes.
Regan has been the group CEO of QBE for three years. The board determined that Regan's actions did not meet the standards set out in its code of ethics and conduct.
“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," said QBE Group chairman Mike Wilkins. “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.”
Wilkins will assume the role of executive chairman, taking on day-to-day oversight of QBE, while an extensive internal and external international search process is underway to appoint a new group CEO.
“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,” said Wilkins.
Additionally, the board is setting up board sponsored and externally supported culture review and the creation of an additional avenue for employees to safely raise concerns and receive support that will supplement existing channels.
