QBE announces more leadership changes
(Reuters) – Australia’s QBE Insurance Group on Wednesday appointed Inder Singh as chief financial officer, replacing current CFO Michael Ford who joined the group less than a year earlier in May 2017.
Mr. Singh is currently the chief financial officer for QBE’s Australian & New Zealand Operations, the company said in a statement.
This follows QBE recording an annual loss of about $1.2 billion in February and logging a $600 million earnings hit last October, after by a medley of natural disasters.
This is QBE’s second top executive change after the company saw its chief executive stepping down in September, capping a tumultuous period for the global insurer with cost blowouts, profit downgrades and declining shares.
“We have commenced an accelerated reshaping of the company’s strategic focus to create a stronger and simpler QBE,” said current Chief Executive Pat Regan.
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Australia-based QBE Insurance Group Ltd. said that its chief executive John Neal would step down at the end of the year, Reuters reported. Mr. Neal will be replaced by Patrick Reagan, head of QBE's Australia and New Zealand operations. Mr. Neal’s exit after five years in the job draws a line under a period in which QBE has stumbled through an offshore expansion, particularly in emerging markets, amid higher than expected claims payouts and profit downgrades.
