Steadfast also requested trading halt amid the investigation
Steadfast Group Managing Director and CEO Robert Kelly is temporarily standing aside amid an investigation into a workplace complaint against him, the company announced in a letter to the ASX.
The insurance broker company announced the move on Thursday, after it had earlier requested a halt to trading.
"Steadfast Group Limited advises today that Mr Robert Kelly AM, the Managing Director & Chief Executive Officer has chosen to stand aside on a temporary basis to enable an external investigation into a workplace complaint made against him," the announcement said.
"Given that the investigation into the allegations against Mr Kelly AM is ongoing, and that to date no allegations against him have been substantiated, it would be inappropriate to comment further at this time."
Mr Kelly will remain on full pay for the duration of the investigation and Tim Mathieson, CEO of the Australasian broking division, has been appointed as acting chief executive.
Steadfast requests trading halt
The announcement of Kelly's decision to stand aside came after Steadfast requested an immediate trading halt on Thursday, also because of the investigation.
"The trading halt is necessary as Steadfast investigates a workplace complaint against a senior executive," the company said in its request to the ASX.
It requested the trading halt continue "until the earlier of a release of a further announcement by Steadfast or commencement of normal trading" on November 3.
Steadfast operates insurance broker and agency networks in Australia, New Zealand, Singapore, London, and the US. Kelly co-founded the company in 1996 and has been CEO for more than 25 years.
