AXA Group announced it is simplifying its operating model by creating five global geographies: France, Europe, the U.S., Asia, and International.
In addition, it has created a single, refocused Corporate Center, which is reduced from the three layers (head office, global business lines and regions) that currently exist.
Key entities will be managed alongside these five geographies. These include AXA Investment Managers, which is AXA’s asset management unit, and AXA Corporate Solutions, AXA’s large insurance risks business. The CEOs of these two units will report to AXA Group CEO Thomas Buberl.
As part of this simplification effort, in Europe, direct and traditional entities will report to the country CEO, AXA explained.
AXA expects the new operating model to be effective in the first quarter of 2018.
“My objective is to let our teams focus their energy on growing our business and deliver excellent service in their respective markets,” said Buberl in a statement.
“I am convinced that local empowerment is instrumental to the long-term success of AXA, by making our transformation tangible on the ground, as close as possible to our clients,” he added.
“In order to achieve this, the simplification we are implementing is an absolute prerequisite, but also the starting point of a large effort to make AXA simpler for all our stakeholders,” Buberl went on to say.
New Management Committee
As of Dec. 1, to steer this operating model, a new management committee, which reports to Buberl, has been appointed with the following members:
- Gérald Harlin, the current chief financial officer, has been appointed deputy CEO (in addition to his current responsibilities);
- George Stansfield, general secretary, also has been appointed deputy CEO, in addition to his current responsibilities;
- Benoît Claveranne has been appointed CEO International and New Markets;
- Mark Pearson, CEO of AXA US;
- Jacques de Peretti, chairman and CEO of AXA France.
In addition, four new members join the management committee:
- Alban de Mailly Nesle, who remains group chief risk officer, takes on the additional responsibility of the new Group Insurance office;
- Antimo Perretta has been appointed CEO Europe;
- Astrid Stange has been appointed chief operating officer;
- Gordon Watson, who will join the management committee on Jan. 1, 2018, has been appointed CEO Asia.
“As deputy CEOs…, Gérald and George will support me in steering the strategy of the group, and I look forward to continuing to benefit from their experience, professionalism and integrity,” said Buberl.
“The new management committee is an excellent blend of the previous team together with new leaders from across the group with strong operational experience and excellent knowledge of the insurance industry,” he added.
“It also confirms our ability to attract top talents: Gordon Watson has been instrumental in AIA’s growth trajectory over the recent years, and I am convinced that he will lead our Asian businesses to many successes,” Buberl noted.
Gaëlle Olivier, CEO of AXA Global P&C, and Paul Evans, CEO of AXA Global Life, Savings & Health, will leave the Group.
Following the formation of the new management committee, AXA also announced the following senior appointments:
- Karima Silvent, currently human resources director of AXA France, has been appointed group human resources director;
- Guillaume Borie, currently group corporate development director, has been appointed chief innovation officer.
Amélie Oudéa-Castera, chief marketing & digital officer, has decided to leave the group.