France’s AXA Group and its U.S. Subsidiary, AXA Financial, Inc. announced that Christopher M. “Kip” Condron has been named to succeed Edward D Miller as the new President and CEO of U.S. operations. He will also become a member of AXA’s management board.
Condron is leaving his former position as president of Mellon Financial Corp.’s Dreyfus funds, which he has headed since 1995. His appointment to head AXA Financial highlights the importance the company attaches to its U.S. investment management activities.
“Kip Condron has all the right qualifications, proven leadership abilities and extensive financial planning and asset management experience to build upon the successes that we have enjoyed under Ed Miller’s leadership,” stated AXA CEO Henri de Castries. “With a solid strategy in place, a clearly defined business platform and strong momentum going forward, AXA Financial’s essential mission under Kip’s leadership will remain unchanged: to be a premier provider of financial protection and wealth management products and services.”
AXA also announced that Mike Hegarty, AXA Financial’s COO, was leaving the company, but indicated that Miller would remain as member of the management board and “as a senior advisor to Henri de Castries.”
Under Miller’s tenure, which began in 1997, AXA Financial acquired (and disposed of) investment bank Donaldson Lufkin and Jenrette, saw its Equitable Life unit grow into one of the U.S. leading life insurers, the purchase of fund manager Sanford C. Bernstein, and the growth of assets under management to $483 billion, an enviable list of achievements.
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