Steadfast chair stresses business remains ‘excellent’ as CEO put under investigation
Make us a preferred source
Make us a preferred source on Google
More news: Newly appointed Steadfast Group chair Vicki Allen has stressed that the insurance broker remains an “excellent business" after CEO Robert Kelly temporarily stepped aside amid an investigation of a workplace complaint.
Speaking to Capital Brief after the company’s annual general meeting, Allen said the board would make the external investigation process “run as quickly as it possibly can” but deferred from providing further details in a bid to preserve “procedural fairness”.
When asked why the board notified the exchange that Kelly would stand aside temporarily the evening before the company’s annual general meeting, Allen said the board “can’t control the nature of the timing of the complaint” and that it had “acted responsibly”.
Kelly, who officially began as chair at the conclusion of the AGM on Friday, stressed that “there's a very excellent business that remains unchanged” and the company has “a very good senior management team”.
Non-executive director Andrew Bloore similarly noted that the business is “far greater than than any two individuals”, as long-serving chair Frank O’Hallaran also retired today.
Bloore expressed confidence in interim CEO Tim Mathieson, who has been identified as one one of the internal candidates to succeed Kelly.
Kelly had previously announced that he would not retire before 31 December 2026, with the company expected to announce further succession plan details in mid-2026.
Steadfast has also lowered its FY26 guidance for premium rates increase from between 3-5% to between 1-2%. This is because the first three months of FY26 has seen lower than expected premium rate growth in Australia.
Steadfast shares plunge as outgoing chair calls for 'patience' amid CEO investigation
The news: Shares in insurance broker network Steadfast Group slumped on the ASX as outgoing chair Frank O'Halloran called for "patience" as an external investigation of a staff complaint against chief executive Robert Kelly progresses.
The numbers: At 11:49am AEDT, shares in Steadfast Group had plunged 9.7% to $5.60 after emerging from a trading halt that started on Thursday before market open.
The context: Steadfast Group told the exchange on Thursday evening that an external investigation is progressing against Kelly following a workplace complaint made against him.
Kelly will remain on full pay during the investigation while the group’s Australiasian broking CEO Tim Mathieson has moved into an acting chief executive role.
O'Halloran, who stepped down as chair at the end of Steadfast's annual general meeting on Friday, told shareholders that the company "remains committed to strong and effective corporate governance".
What they said: "In this connection, shareholders will be aware of our announcement late yesterday that the managing director's CEO has chosen to step aside until such time as an external investigation," O'Halloran said.
"I really would appreciate your shareholders patience in allowing the board to undertake a thorough process."
The source: ASX
