AXA appoints new CEO

By John Wilkinson

AXAincumbent group chief executive officer Les Owen will now focus on the group’s regional interests following chief financial officer Andy Penn being appointed chief executive of the company’s Australian and New Zealand operations last week.

Owen retains responsibility for the region as a whole with his contract extended two years to the end of 2006.

Penn, who joined National Mutual in the UK in 1990 before moving to Australia in 1992, was appointed chief financial officer in July 2002.

According to Owen, AXA reached the end of its K5 transformation program in December 2003, which he claims has led to significant improvement in the French global financial services group’s Australian operation performance.

“However, we still have more to do and it is now an appropriate time to appoint a chief executive officer for Australia and New Zealand,” he adds.

AXA is due to announce its full year results on February 24 and will look to replace Penn, who also had a spell in Hong Kong working in AXA’s Asian operations prior to assuming the chief financial officer role, when he relinquishes the job on April 5.

According to AXA’s annual report for 2002, Owen received $3.01 million, which included a $1.09 million base salary.

AXA Asia Pacific chairman Rick Allert says the group was happy with its repositioning under Owen and therefore offered him an extended contract.