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Cloney calls time on QBE

Long-serving QBE Chairman John Cloney has announced he will shortly bring his three-decade association with the company to a close.

Mr Cloney announced his retirement on March 30, ending 29 years with the insurer and 12 years as its chairman. His successor will be current director Belinda Hutchinson – who will be one of only seven female chairmen to head an ASX200 company.

Mr Cloney joined QBE – which then with a market capitalisation of $24 million – as CEO in 1981. Now the insurer is a global player worth $22 billion.

Ms Hutchinson has an impressive resume, with stints as a non-executive director of Telstra, Coles Myer, TAB, Energy Australian Crane Group, Snowy Hydro and Sydney Water Corporation.

She is currently a director of St Vincent’s Health Australia and a member of the Australian Securities and Investment Commission’s external advisory panel.

On the same day he announced his retirement, Mr Cloney spoke at the company’s annual general meeting in Sydney, reiterating the insurer is on track to meet its full-year profit guidance.