QBE’s CFO denies departure rumours

QBE’s CFO denies departure rumours

QBE’s CFO denies departure rumours

The chief financial officer of QBE has stated he is staying with the insurance giant despite a recent earnings downgrade which has fuelled speculation of his departure.

QBE CFO Neil Drabasch has refuted rumours that he plans to leave and insists we will be around for two more full-year financial results, according to The Australian Financial Review.

Since QBE issued an earnings downgrade in November, speculation has mounted that Drabasch might be heading to the exit door as analyst and investor criticism grows.

“My arrangement with [QBE chief executive] John [Neal] and the board is I will give [Mr Neal] two full-year ends – 2013 and 2014,” he said, according to the AFR.

“I will be heading towards my mid-60s by then.”

In November, QBE sharply downgraded its earnings forecast, citing losses from superstorm Sandy in the United States that insurer said could total $US450 million.


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