(Adds details on Regan's experience, details)
Sept 12 (Reuters) - Australia's biggest insurance company QBE Insurance Group Ltd QBE.AX said on Tuesday its chief executive officer, John Neal, will step down in January after five years in the role.
The company said its chief executive of Australia and New Zealand, Patrick Regan, will assume the CEO role after a four-month changeover period.
Regan joined QBE in 2014 as group chief financial officer and was subsequently appointed to the role of chief executive officer, of its Australia and New Zealand business in August 2016, the insurer said in a statement. to joining QBE Regan was the chief financial officer at European insurer Aviva plc AV.L in London for four years.
"The Board has undertaken a detailed succession planning process over the last two years, and has carried out an internal and external candidate review process for this appointment." QBE Group Chairman, Marty Becker said in the statement.
The company said Regan had been pivotal in stabilizing the company's balance sheet and enhancing capital management and had also led a strong turnaround of the company's Australian & New Zealand unit in the past year.
The move follows the company's announcement last month that the chief executive officer of its emerging markets unit would step down following a "major disappointment" in that unit's performance even as it reported a first-half net profit that jumped 30 percent.