AXA SA (CS.FR) said Monday that it was simplifying its corporate structure and appointing a new management committee as part of its transformation plan.
The new operating model will be based on five geographies--France, Europe, U.S., Asia and International--and will have a single corporate center, the company said.
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The new structure differs from the previous layered one.
The AXA Investment Managers and AXA Corporate Solutions entities will, however, work in parallel with the geographies, and the managers of both will report directly to AXA's group chief executive officer.
A new management committee, which will steer the new operating model and deliver the 2020 transformation plan, has also been appointed.
The committee will include the general secretary and chief financial, risk, operating officers of the group, as well as the CEOs of the five geographies.
Four members of the committee have been newly appointed to their positions.
This includes Astrid Stange, the new chief operating officer, as well as Antimo Perretta and Gordon Watson, new CEOs of Europe and Asia, respectively. In addition, Chief Risk Officer Alban de Mailly Nesle will also take the responsibility of the new group insurance office.
All new appointments will be effective from Dec. 1, except for Mr. Watson, who will join Jan. 1.
The company also said that the current CEOs of AXA Global P&C, Gaelle Olivier, and of AXA Global Life, Savings & Health, Paul Evans, will leave the group.
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(END) Dow Jones Newswires
November 13, 2017 04:01 ET (09:01 GMT)