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Why the QBE Insurance (ASX:QBE) share price is on watch today

The QBE Insurance Group Ltd (ASX:QBE) share price is one to watch after the company announced its new CEO appointment to the market.
The post Why the QBE Insurance (ASX:QBE) share price is on watch today appeared first on The Motley Fool Australia. –

ASX share price on watch represented by man looking through magnifying glass

The QBE Insurance Group Ltd (ASX: QBE) share price is one to watch this morning after the company provided a leadership update late Wednesday.

Why is the QBE share price on watch?

QBE yesterday announced the appointment of its new group chief executive officer (CEO), Andrew Horton. Mr Horton will take over from interim group CEO Richard Pryce on 1 September 2021.

Horton currently serves as CEO of Beazley plc, a UK-listed specialist insurer with global operations. He’s been serving as Beazley CEO since 2008 and his appointment to QBE remains subject to regulatory approvals.

Mr Horton said he was “honoured” to be appointed QBE’s new CEO given the group’s “impressive global footprint and talented people”. Mr Pryce will remain with the company in an advisory capacity from September before retiring from QBE in December 2021.

The QBE share price will be on watch today following yesterday’s after-market leadership announcement. Shares in the Aussie insurer edged 0.4% higher yesterday while the S&P/ASX 200 Index (ASX: XJO) climbed 0.8% to 6,818.00 points.

What else has been happening on the ASX?

QBE isn’t the only ASX 200 company to announce a change in leadership this week. Both Rio Tinto Limited (ASX: RIO) and Nine Entertainment Co Holdings Ltd (ASX: NEC) rang in changes yesterday.

Rio announced its chair, Simon Thompson, will not seek re-election as a non-executive director at the 2022 annual general meeting. The move comes after the Juukan Gorge rock shelter destruction that caused public outrage and condemnation across the country.

Nine was also in the news, unveiling current Stan Entertainment CEO, Mike Sneesby, as its new CEO, effective 1 April 2021.

Foolish takeaway

The QBE share price is one to watch in early trade as investors react to the new CEO announcement, one of several ASX leadership announcements to the market on Wednesday.

The Aussie insurer’s shares closed at $9.28 per share yesterday with a $13.7 billion market capitalisation and 3.3% dividend yield.

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Motley Fool contributor Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Why the QBE Insurance (ASX:QBE) share price is on watch today appeared first on The Motley Fool Australia.

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