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QBE Denies Search for CEO Replacement

Source: AAP

Posted on 02 Sep 2010

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QBE Insurance Group Ltd has denied media reports the firm is searching for an external replacement for current chief executive officer Frank O'Halloran.

UK newsletter Insurance Insider had reported that QBE was "lining up" former Aon UK chief executive Peter Harmer for the role.

"Recent media reports indicating that the QBE Board is searching for an external replacement for the CEO, Frank O'Halloran are completely false," QBE chairman Belinda Hutchinson said in a statement to the Australian Securities Exchange.

Ms. Hutchinson said the board supported Mr O'Halloran and he would remain in the role for the foreseeable future.

"Frank has publicly stated his interest and willingness to continue as CEO," Ms. Hutchinson said.

QBE said it had received continued inquiries from its shareholders and others about reports over the weekend that Mr O'Halloran was to be replaced by an external appointee.

QBE would advise the market before making senior management changes, Ms. Hutchinson said.