Vince McLenaghan, who several years ago was predicted to succeed Frank O’Halloran as CEO of QBE, has left the company after a restructure.

The Australia Asia Pacific division he headed since its formation less than 12 months ago has been returned to its former state of two operating divisions.

Colin Fagen has been named CEO Australian Operations, and Michael Goodwin has been confirmed in his present role of CEO Asia Pacific Operations.

The decision to have them answer not to Mr O’Halloran but to CEO Global Underwriting Operations John Neal has been noted by several commentators. Mr Neal, 46, was formerly the Chief Underwriting Officer European Operations, and took up the new Sydney post on January 1.

He is being increasingly tipped as the person most likely to succeed Mr O’Halloran, who is 65.

In a statement to the Australian Securities Exchange, QBE said the Australia Asia Pacific operations encompass 18 countries with a combined gross written premium income of around $US5 billion ($4.61 billion) and staff of more than 5600. The division has more than doubled in size since 2006.

“The opportunities in Asia Pacific and the size of the Australian operations have necessitated a structural review,” QBE said. “To maximise opportunities and improve decision-making and operational efficiencies, the Australian and Asia Pacific operations will be separated, with each of them reporting directly to group head office.”

The company says the role of Australia Asia Pacific CEO “is no longer necessary”.

It says Mr McLenaghan – who was COO from 2006 until taking up his last position at the company – “supports the changes”.

The statement says he “has decided to leave QBE and pursue other interests”.