Insurer QBE Insurance Group (QBE) surprised yesterday with a senior management reshuffle ahead of its half year results next month.
QBE named Tim Plant as the group’s new head of Australia and New Zealand, and said the present incumbent Colin Fagen would be the group’s new group chief strategy officer.
Mr Fagen will take on that newly created role on August 18 and will be responsible for growth and efficiency initiatives across the group (in other words a bit of a beancounter/toecutter).
“Colin has done an excellent job leading our Australian and New Zealand operations to consistently profitable performance over the last four years,” QBE boss John Neal said in yesterday’s announcement.
"Importantly, at the same time Colin has successfully overseen the restructuring of the business and the introduction of the group shared service model, creating a strong baseline for future growth."
Mr Plant also starts in his new position on 18 August, moved up from his present position as head of QBE’s Australian and New Zealand’s corporate partners and direct business.
"Promoting Tim into the role of CEO for Australian and New Zealand operations was a logical decision given his strong contribution to QBE and his leadership of our corporate partners and direct business. As an alumni of our Executive Leadership Program, we have had the opportunity to prepare Tim for a role of this significance and importance to QBE," Mr Neal said.
QBE 1Y – Management changes at QBE
The latest moves are the latest of a series of changes in the upper ranks of QBE’s management team in the past couple of years.
David Duclos was appointed chief executive of QBE’s North America operations in 2013 and Mike Emmett became group executive officer of operations in February last year.
Patrick Regan, the group’s chief financial officer, joined in June 2014 from Aviva and Richard Pryce became chief executive of the company’s European division in 2013.
CEO John Neal has been driving these senior changes since becoming CEO of the company in 2012 as it struggled with the financial hangover from the takeover boom during the reign of the long-standing CEO Frank O’Halloran.
QBE will report its interim results on August 18.
Earlier this month, the company rid itself of its loss-making North American mortgage and lender services business after offloading the unit to National General Holdings for $US90 million, with a write-down of more than $US120 million.
The results are likely to feature some significant impact from the higher value of the US dollar because QBE reports its financials in greenbacks.
Over the past year QBE’s shares have risen 22% to $14.70 yesterday, outperforming the less than 1% rise in the ASX 200 in the same time.
