Steadfast Shares Plunge as CEO Stands Aside Amid Investigation

Shares of Steadfast Group Ltd. dropped the most on record after the Australian insurance broker said its chief executive officer will take temporary leave amid an investigation of a workplace complaint made against him.

The stock tumbled 19% on Friday after Robert Kelly chose to stand aside to enable an external probe into the allegations, according to an exchange statement. No claims against him have been substantiated so far, the company said, without giving details about the complaint.

Kelly will remain on full pay for the duration of the investigation. Steadfast has appointed Tim Mathieson, head of its ...