On the same day that it released its first half year earnings report for 2012, Australia’s QBE Group announced the departure of long-time Group CEO Frank O’Halloran, who has stepped down from the position as of today August 17, 2012.
The bulletin announcing his departure said the “arrangements recognize Mr. O’Halloran’s contractual entitlements previously disclosed to shareholders and reflect his statutory entitlements accrued over the period since he joined QBE in 1976.”
Belinda Hutchinson AM, QBE’s Chairman, stated: “Frank’s passion for QBE is truly unique. We wish him the very best for the future after 36 years with the company and 14 and a half years as Group Chief Executive Officer. His unswerving commitment and loyalty to QBE’s shareholders and leadership of our people has been the cornerstone of QBE’s success over his tenure.”
John Neal, who will succeed O’Halloran as Group CEO, added: “Frank has been one of the outstanding insurance leaders of his generation. He leaves QBE well positioned for further success in the global non-life insurance and reinsurance market places. We remain grateful for the mentoring he has provided to QBE’s future leaders.”
The remainder of the statement gave details of the remuneration O’Halloran is to receive following his retirement.
Source: QBE Group
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