(Reuters) – Australia’s QBE Insurance Group Ltd QBE.AX said on Tuesday Chief Executive Officer Patrick Regan would leave the company after three years in the role, following an investigation that found he had fallen short of its ethics and conduct standards.
His departure comes just a week after wealth manager AMP Ltd’s AMP.AX chairman resigned and the chief executive of its funds management unit was demoted, following concerns about alleged inappropriate conduct by the latter.
Regan joined QBE in 2014 and held top positions in its antipodean operations until December 2017. Prior to his stint at QBE, he was the chief financial officer at insurance and asset manager Aviva AV.L in London.
QBE Group Chairman Mike Wilkins will handle day-to-day oversight until a replacement is found, Australia’s biggest insurer by market capitalisation said in a statement.
QBE is committed to having “a respectful and inclusive environment” and an external investigation found Regan had “exercised poor judgement” in that regard, the company said, without providing further detail. The insurer said it would begin a board-sponsored and externally supported review into its culture and look into creation of additional outlets for employees to safely raise concerns.
Reporting by Rashmi Ashok in Bengaluru; Editing by Subhranshu Sahu