Steadfast Group has made a surprising move by cutting its chief operating officer role just months after Noelene Palmer was promoted to the position. This change comes after a confidential workplace complaint investigation that involved CEO Robert Kelly.
Palmer, who joined Steadfast in 2024 and had a strong background working with major companies like IAG, TAL, Swiss Re, KPMG, and Westpac, is reported to have filed the complaint. Her action led to Kelly stepping aside temporarily last month, while remaining on full pay. After a confidential review, Kelly returned to his CEO position last week. The company has shared little detail about the investigation or the outcome.
Following Kelly’s return, Palmer’s profile disappeared from Steadfast’s website, and a spokesperson confirmed her role was eliminated as part of a cost-cutting program announced at the October annual general meeting. The spokesperson said the COO job was made redundant in November, and the company will not fill it again, framing this decision as part of a plan to ensure the company’s future.
Palmer’s short five-month tenure as COO adds to a recent series of senior departures, including her predecessor leaving in July and longtime CFO Stephen Humphrys stepping down in August. On top of these exits, the board is dealing with an ongoing investigation by ASIC into possible insider trading involving two employees.
The timing of Palmer’s exit and the secretive nature of the complaint investigation has unsettled many brokers and agencies connected to Steadfast. Some senior industry figures say the lack of transparency around what happened and Palmer’s departure has caused concern well beyond the company.
Despite the questions raised, Steadfast has chosen not to comment further on the investigation, Palmer’s role, or her exit. Palmer herself has declined to respond to media inquiries.
This situation puts a spotlight on the company’s culture and governance at a time when Steadfast continues to play a major role in Australia’s broking sector. The way Steadfast handles such issues could shape expectations for conduct and accountability across the wider insurance industry.