Unless you’ve been living under a rock the size of Australia, you’ll know that QBE Insurance Group will now have to find a new boss following the shock sacking of group chief executive Pat Regan this week – and it looks like the departure couldn’t have come at a worse time.
A report by The Australian cited Bell Potter analyst TS Lim as describing the development as bad timing, while Wilson Asset Management fund manager Matthew Haupt told the publication about how “really disappointing” it is to be conducting an extensive chief executive search amid a global crisis.
Additionally, it was highlighted that it’s not only QBE that is recruiting.
“With COVID-19, interviewing CEOs and getting in contact with people will take a while,” Haupt, who is leaning more towards an external appointment, was quoted as saying. “And IAG is looking for a new CEO too, so there’s a bit of competition there.”
Read more: IAG in search of next chief executive
Similarly, Shaw & Partners banking analyst Brett Le Mesurier believes the process will take longer than usual, given the challenging circumstances at present. According to The Australian, he estimates the added delay to be a period of around six months.
In the meantime, Mike Wilkins has assumed the role of executive chairman and is in charge of day-to-day oversight at QBE.
When the insurance group made its announcement, it was noted that the recruitment initiative will not be limited to Australia. That means an overseas hire is possible, which could be complicated by the coronavirus pandemic.
