QBE boss out after breach

QBE Insurance chief executive Pat Regan has left the company after an external investigation into an incident that breached the company’s ethics and code of conduct.

In a statement released to the Australian Stock Exchange yesterday, QBE said Mr Regan had “exercised poor judgment” relating to workplace com- munications.

Mr Regan (pictured) was chief executive for three years.

The board determined Mr Regan’s actions did not meet standards set out in its code of ethics and conduct.

“We are committed to having a respectful and inclusive environment for everyone at QBE,” its chairman Mike Wilkins said. “The board concluded that he had exercised poor judgment 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.”

Mr Wilkins will take on the role of executive chairman, and the day-to-day oversight of QBE, while it searches for a new chief executive. The board will begin an external culture review in the coming weeks. “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. Regan’s alleged misconduct comes a week after AMP lost its chairman David Murray and board member John Fraser, following a shareholder revolt against the appointment of Boe Pahari as chief executive of AMP Capital.

A sexual harassment claim was made against Mr Pahari in 2017.

Following the revolt, Mr Parhari left AMP Capital. Alex Wade, the top boss of its Australian business, has also resigned in the past month, after it was revealed he had sent lewd photos to a female worker.