QBE have recently announced the company will be restructuring and splitting operations between Australian and Asia.
Previously, the Australia Asia Pacific operations of the insurance company have been managed as one division but with the extensive growth the company has seen over recent years, QBE have decided that the two entities would be better off separately managed.
According to QBE, the decision to split the operations follows rapid growth in market share through a range of acquisitions. The global insurer forecasts the restructure will create further opportunities and enhance decision making said to improve overall efficiency.
With the split of the two operations Chief Executive of Australia Asia Pacific operations will no longer be necessary, which has seen the current CEO Vince McLenaghan decide to leave the company.
Under the new structure QBE will have a separate chief executive for each Australia and Asia Pacific operations, both reporting directly to Group head office.
The QBE group CEO Frank O’Halloran has said the structural changes “reflect the natural progression of these successful businesses to a more independent future”.
By Krystal Ayoub
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