QBE brings in interim CEO to take over from Regan

QBE Insurance has tapped international boss Richard Pryce as acting group chief executive, as it continues a search for a permanent replacement for Pat Regan following his abrupt departure lastmonth.

The appointment sees Mike Wilkins return to his position as chairman, rather than executive chairman, QBE said on Friday.

The interim CEO appointment takes effect on October 26, and the insurer is progressing with an executive search for a permanent boss following a scandal which saw Mr Reg an exit. He left after the board investigated a complaint by a US-based female employee. A review by Minter Ellis on on behalf of the board found material that fell short of the insurer’s code of conduct and ethics.

London-based Mr Pryce, who joined QBE in 2012, will be paid fixed remuneration of £1.25m ($A2.29m) per annum inclusive of salary, pension, car allowance and any salary sacrifice benefits. QBE will also meet the cost of insurance on death, total and permanent disablement, salary continuance and medical insurance.

If he achieves business and personal targets set annually by the board, Mr Pryce can be paid a potential short-term bonus of 150 per cent of fixed remuneration, in cash and shares. Outperformance of the objectives may result in a potential maximum short-term incentive of 225 per cent of fixedpay.

Mr Pryce is also eligible for an award of conditional performance rights equal to £1.1m, subject to achieving strategic performance hurdles while in the interimCEO role.