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QBE names Fagenís replacement

QBE has appointed David McMillan as its Group COO, following the shock departure of Colin Fagen earlier this month.

Mr McMillan has been recruited from Aviva, where he was most recently CEO Europe and Chairman of Global Health Insurance. He joined Aviva in 2002 following a decade with PricewaterhouseCoopers.

He will join QBE towards the end of this year and will be based in London.

Group CEO John Neal says Mr McMillan’s track record makes him well qualified to lead QBE’s operations, claims and technology activities.

“As CEO of Aviva Europe David led the division through a major four-year turnaround, galvanising distribution and improving the product offering,” he said.

Mr Fagen was in the group COO role – a key position in the global group’s management – for two years. He was previously CEO of Australian and New Zealand operations.

A search for a permanent Group CFO is still underway following the appointment of Pat Regan to CEO Australian and New Zealand operations. Mr Regan continues as Acting Group CFO until a replacement is found, and Victor Walter has been appointed Deputy Group CFO.

QBE this morning released its results for last year, with net income up 5% to $US844 million ($1.1 billion).

More details in our regular bulletin this afternoon.

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