QBE Insurance Group announced this Tuesday that its Chairman, Mr. John Cloney will be retiring on July 4. Belinda Hutchinson has been named his successor.

Ms. Hutchison, who will be taking Mr. Cloney’s chair on his retirement, has been a part of the QBE board since 1997.

According to QBE, Ms. Hutchinson’s über-impressive resume includes experience as a non-Executive Director in companies like Telstra, Sydney Water Corporation, Crane Group, TAB, Snowy Hydro Trading, Energy Australia and Coles Myer, and she is, at present, the Director of St. Vincents Health Australia and an external advisory panel member of the Australian Securities and Investment Commissions.

QBE stated that Mr. Cloney joined as the Chief Executive of the company in 1981. At the time, the company's main business was confined to Australia only and its market capitalization stood at $24 million.

He was appointed Chairman of the company in October of 1998. The company's market capitalization now stands at $22 billion, and it has spread its operations in 47 nations.

QBE, in a statement, said, “The board wishes to pay special tribute to John Cloney for his extraordinary leadership over the past 12 years as chairman and over 29 years with the company”.