QBE Group CFO Neil Drabsch is to delay his retirement because his intended successor, Steven Burns, has decided to leave full-time work.

Mr Drabsch planned to retire in February, when Mr Burns was to move from his position as CEO of QBE’s European businesses. Instead Mr Drabsch will continue until February 2015. A global search has begun for his replacement.

QBE announced last week that Mr Burns will retire from full-time executive duties for “lifestyle and personal reasons”.

He led the European operations for nearly 15 years before handing over to Richard Pryce on October 1. He will rejoin QBE in January, based in Sydney on a part-time basis.

“In his new role, he will serve as a non-executive director on our divisional boards in Australia, Asia-Pacific and for the global shared services centre, as well as providing project-based support for Group CEO John Neal,” QBE told the Australian Securities Exchange.