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AXA Simplifies Operating Model; Appoints Management Committee - Quick Facts

French insurer AXA Group (AXAHY.PK) Monday said it has initiated a simplification of its operating model, under which the company will be organized based on 5 geographies and a single, refocused Corporate Center. AXA expects the new operating model to be effective in the first quarter of 2018.

The geographies include France, Europe, the US, Asia, and International. With the move, the company aims to empower its entities to deliver on the transformation and operate as close as possible to their customers.

The company has appointed a management committee to steer this operating model to achieve the objectives of Ambition 2020. The committee include Gérald Harlin, Chief Financial Officer, who is appointed Deputy CEO, in addition to his current responsibilities; George Stansfield, General Secretary, who is also appointed Deputy CEO, Benoît Claveranne, who is appointed CEO International and New Markets; Mark Pearson, CEO of AXA US; and Jacques de Peretti, Chairman and CEO of AXA France.

Four new members join the Management Committee. They are Alban de Mailly Nesle, who remains Group Chief Risk Officer; Antimo Perretta, who is appointed CEO Europe; Astrid Stange, who is appointed Chief Operating Officer; and Gordon Watson, who will join the Management Committee on January 1st, 2018, in the role of CEO Asia.

The new Management Committee appointments are effective from December 1st. The Management Committee will report to CEO Thomas Buberl.

Gaëlle Olivier, CEO of AXA Global P&C, and Paul Evans, CEO of AXA Global Life, Savings & Health, will leave the company.

Buberl said, "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. In order to achieve this, the simplification we are implementing is an absolute pre-requisite, but also the starting point of a large effort to make AXA simpler for all our stakeholders."

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