QBE Insurance Group Ltd
(ASX:QBE) has declared its interim net profit fell by 46% to $265 million in the 2016 financial year.
After releasing this result, QBE has gotten rid of its Australian and New Zealand CEO. The company says Tim Plant will leave QBE “effective immediately”.
Until QBE finds a permanent replacement for Tim Plant, the interim CEO will be Pat Regan – who will still perform his duties as the company’s Chief Financial Officer.
Regardless, QBE remains optimistic that it will achieve a $150 million reduction in operating expenses.
QBE declared a final dividend of 21 cents per share, 50% franked.
