QBE split causes key manager to depart
QBE has announced a restructure of its Australian and Asia Pacific operations, which will see existing chief executive of the division, Vince McLenaghan, depart the company.
QBE has issued a statement that while its Australia and Asia Pacific businesses are currently managed as one division, the growth and opportunities in the region have given the company cause to split these into two separate divisions.
As a result, a new role of chief executive of Australian operations has been created, with existing executive general manager of intermediary distribution, Colin Fagen, stepping up to the role.
Michael Goodwin will continue in his role as chief executive of Asia Pacific operations.
Both Fagen and Goodwin have been with QBE for the past 12 years, and both will now report to John Neal, chief executive of global underwriting operations.
QBE group chief executive officer Frank O’Halloran said the changes to the management structure meant the role of Australia Asia Pacific chief executive was no longer necessary.
According to QBE, McLenaghan said he supported the changes and has decided to leave the company to pursue other interests.
Recommended for you
A financial advice firm has been penalised $11 million in the Federal Court for providing ‘cookie cutter advice’ to its clients and breaching conflicted remuneration rules.
Insignia Financial has experienced total quarterly net outflows of $1.8 billion as a result of client rebalancing, while its multi-asset flows halved from the prior quarter.
Prime Financial is looking to shed its “sleeping giant” reputation with larger M&A transactions going forward, having agreed to acquire research firm Lincoln Indicators.
An affiliate of Pinnacle Investment Management has expanded its reach with a London office as the fund manager seeks to grow its overseas distribution into the UK and Europe.
