The CEO of QBE Insurance Group, Pat Regan, has left the organisation today following an “external investigation” concerning “workplace communications”.
The ASX statement issued this morning said the investigation concerned workplace communications “that the Board concluded did not meet the standards set in the Group Code of Ethics and Conduct.
There are no details given regarding the incident. Calls to the corporate communications number this morning were going direct to voicemail.
The ASX statement says that QBE Group Chairman Mike Wilkins and the Board of Directors took the decisive action in relation to the outcomes of an external investigation.
He is quoted as saying: “We are committed to having respectful and inclusive environment for everyone at QBE.”
“The Board concludes 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 standard. “
An investigation is underway to appoint a new Group CEO.
This news comes as more scrutiny has been placed on boards in recent months, after the AMP board moved to appoint a new CEO to AMP Capital despite being aware that he had been financially penalised for sexual harassment. AMP chairman David Murray stepped down from the board last week.