Monday, March 21, 2016

Axa CEO Henri de Castries, on the left, denies targeting the chairmanship of HSBC – The Express

Henri de Castries, CEO of Axa, has decided to step down and give up his duties as director on 1 September 2016 “, which ran responsibilities until 2018, announced Monday the number two European insurance, in a statement.

The AXA Management Board, which met on Saturday, unanimously decided to separate the functions of Chairman of the Board and CEO.

According to the British Sunday newspaper The Sunday Times, Mr de Castries, who became a director of HSBC on March 1, is favorite to succeed the current chairman of British banking giant, Douglas Flint.

This is neither the day nor the hour ” to discuss a possible candidacy for the leadership of HSBC, insisted Mr. de Castries, 61 , merely confirm its entry into the bank as “ single administrator, beginner ” and its desire to be more involved in the Institut Montaigne, French group thinking he chairs since June 2015.

Questioned by AFP in London, a spokesman for HSBC was also called the Sunday Times the information “ speculation .”

According to a preparatory document for the General Meeting of HSBC scheduled April 22, the current chairman of banking giant, Douglas Flint, announces that its successor will be named “ current 2017 “. “ The exact date depends clearly on the need to find and retain suitable candidate ,” he said.

After 27 years within which about six Axa as CEO, Mr. de Castries said in a letter to his colleagues, his choice was “ thoughtful “and that he considered the group,” that has never been as fit “, was” at the right time “for a witness to pass.

– “ Perfect time ” –

It is natural that a new team starts and carries the new strategic plan “the insurer will present on June 21 and should define the digital transformation of the group, explained the boss whose term of office was renewed in April 2014 for another four years.

The leader expressed his passing “ gratitude to 166,000 women and men who are the face and voice of Axa for our 103 million customers worldwide .”

The German Thomas Buberl, hitherto CEO of AXA Germany, member of the Executive Committee and the Management Committee, will succeed him as general management.

Mr. Buberl will “ work very closely ” Henri de Castries to the finalization of the strategic plan, knowing Axa has already invested € 950 million since 2010 in its digital transformation.

Duverne, 62, will become non-executive chairman. Entered 1995 at Axa, he was the director and deputy CEO since April 2010.

Investors kindly welcomed this succession plan. At 3:00 p.m., the action Axa gained 1.13% to 21.84 euros in a Paris market down slightly (-0.60%).

The new management team inherited a group shaped, net profit up 12% last year to 5.61 billion euros. The objective of reducing costs by $ 1.9 billion set in the Strategic Plan 2010-2015 has been reached, with 300 million savings in 2015.

We have multiplied by our eight operating income and, despite several financial crises, we have remained profitable and have always kept our commitments to our customers “, said the boss of Axa his staff.

Under his leadership, the group has strengthened its presence in emerging markets and focused on its core businesses that are the life and health insurance, general insurance and asset management .

Since 2010, AXA has invested more than 5 billion euros in emerging markets, mainly in Asia where he became the first international insurer in damage and third in life insurance. He also strengthened in Africa in 2015, notably in Nigeria and Egypt.

Before succeeding Claude Bébéar as head of AXA, Mr. de Castries was from 2000 to 2010 Chairman of the Corporate Executive Board.

In addition to HSBC, it is also non-executive director of the Swiss food giant Nestlé.

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