QBE's CFO Has Delayed Retirement By A Year Because His Successor Has Left Before Him

Neil Drabsch / QBE

QBE group chief financial officer Neil Drabsch has delayed retirement by a year, as his intended successor Steven Burns retires from full-time executive duties for personal reasons.

Drabsch, 64, has been QBE’s group CFO since 1994 and has been with the insurer since 1991.

QBE told investors today that Drabsch would continue in the role until February 2015, while it embarks on a global search for a successor.

Burns has been CEO of QBE’s European businesses for almost 15 years. He had intended to hand over European operations to Richard Pryce by next month and relocate to Sydney to take the reins from Drabsch.

QBE said Burns would take a short sabbatical for the balance of 2013 and from January serve as a Sydney-based, part-time non-executive director for the boards of QBE Australia and Asia-Pacific, and its Global Shared Services Centre in the Philippines.

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