QBE makes Pryce interim CEO after Regan's shock exit amid probe

Australia's QBE Insurance Group has appointed Richard Pryce as interim group chief executive officer (CEO) while the search is underway for a permanent replacement of  Pat Regan following his sudden exit last month amid an investigation into its workplace culture.

Earlier in September, QBE parted ways with Regan following an external investigation into the company's workplace communications that revealed he had "exercised poor judgement".

Pryce, who is set to retire in early 2021, will now assume the role of interim CEO, while Mike Wilkins will return to his role as non-executive chair of the board.

Pryce's full-term appointment is effective October 26, 2020; he will remain in the UK, employed by QBE Management Services (UK) and will not be a director on the QBE Insurance Group Board.

He will receive a fixed remuneration of £1,250,000 (gross per annum) inclusive of cash salary, pension, car allowance and any salary sacrifice benefits.

Meanwhile, QBE said an extensive global search to identify a new group CEO is underway.

Wilkins said: “I would like to thank Richard for accepting this interim role as we conduct an extensive search for a permanent replacement. Richard is well known to employees and investors and is well respected in the insurance industry.”

“Jason Harris has now commenced in the role of CEO International giving Richard the capacity to assume this role. On behalf of the Board, we thank him for extending his time with QBE, prior to his previously announced retirement. We are fortunate to have someone with his experience and deep understanding of QBE to lead us through this period.”

He added: “Richard will continue to champion many of the initiatives we have underway across the Group to build QBE for the future and is focused on maintaining the rigour of our cell reviews and further embedding and enhancing our Brilliant Basics initiatives. He is also an avid supporter of our ongoing focus on becoming a more customer centred business. Our strategy and priorities remain unchanged and Richard provides important continuity as we execute on these.”