Chair of the AXA Supervisory Board
February 28 2008 - 2:16AM
PR Newswire (US)
PARIS, Feb. 28 /PRNewswire-FirstCall/ -- The AXA Supervisory Board
-- chaired by Claude Bebear -- met on February 27, 2008 to review
AXA's 2007 financial statements prepared by the Management Board
and the resolutions to be submitted to the vote of shareholders
during the next AXA shareholders' meeting scheduled for April 22,
2008. At this meeting Claude Bebear confirmed his decision not to
seek the renewal of his mandate as a member of the Supervisory
Board upon expiration of his mandate on April 22, 2008. "I had
announced that I would give up the operating management of AXA upon
turning 65, which I did in 2000. I have always encouraged the
practice, according to which the mandate of a Board member over 70
shall not be renewed. This practice now applies to me and I will
hence leave the Board. The AXA Supervisory Board now enjoys the
varied talents and worldwide experience of many quality people. I
am convinced that Jacques de Chateauvieux whose values and human
qualities I much appreciate -- and whose professional life, beyond
his business success, has led him to develop his company all over
the world -- has the skills to chair the debates of the AXA
Supervisory Board and continue the constructive relationship the
Supervisory Board has developed with the Management Board to ensure
the development of the Group," said Claude Bebear. The appointments
of Jacques de Chateauvieux as Chairman of the AXA Supervisory Board
and of Claude Bebear as Honorary Chairman will be submitted for
approval by the Supervisory Board at its meeting taking place after
the April 22, 2008 shareholders' meeting. Accordingly and upon
recommendation by the selection committee the Supervisory Board
appointed Jacques de Chateauvieux as vice-chairman of the
Supervisory Board. A resolution will be submitted to the vote of
the shareholders to appoint Francois Martineau as a new member of
the Supervisory Board at the seat left vacant by Claude Bebear.
Finally, in advance of the replacement of Jacques Tabourot, member
of the Supervisory Board representing the employee shareholders of
the AXA Group and whose mandate is expiring, the Supervisory Board
and the Management Board decided to support the candidacy of Wendy
Cooper, an AXA Equitable employee in the United States among all
the candidates who will be submitted to the vote of the
shareholders' meeting on April 22, 2008. The Supervisory Board --
joined by the Management Board of AXA -- unanimously expressed its
deepest gratitude to Claude Bebear for his contribution to the
construction and development of AXA over the past four decades,
turning AXA into a world leader in Financial Protection. In 1975,
16 years after starting his career at Anciennes Mutuelles, Claude
Bebear takes over the management of a company then renamed
Mutuelles Unies whose reach is mostly regional and which is active
in property & casualty insurance. Through a series of audacious
takeovers (groupe Drouot, Providence, Compagnie du Midi) in France
first and then abroad, he will turn AXA into a French leading
insurance company and then into top global player: From 1990 with
the American adventure and the acquisition in 1992 of Equitable to
Asia- Pacific with Melbourne-based National Mutual before doubling
the size of AXA with the takeover of UAP in 1996. From revenues of
Euro 150 millions in 1980, Claude Bebear will grow the company to
Euro 75 billion 20 years later and Euro 94 billion in 2007. AXA
which business is 2/3 life insurance ranks among the world's four
largest asset managers with close to Euro 1,300 billion of assets
under management and 120,000 employees serving 65 millions
customers in 50 countries. Jacques de Chateauvieux -. short
biography: Born in 1951, Jacques de Chateauvieux graduated from the
Institut Superieur de Gestion (ISG) in Paris and earned a Master in
Business Administration from Columbia University (USA). At the age
of 28, he left the Boston Consulting Group (BCG) and became Chief
Executive Officer of the Reunion Island based company Sucreries de
Bourbon. From 1989 to 2001, he turned BOURBON into an international
conglomerate and then floated it on the Paris Stock Exchange in
1998. From 2001, he set about a refocusing strategy which would
make BOURBON a world leader in offshore oil and gas marine
services. In 2008, BOURBON employs over 4,300 professionals in more
than 25 countries and owns a fleet of around 250 vessels. In
addition to a 24% stake in BOURBON, Jacques de Chateauvieux has
built up -- through his personal holding company, JACCAR, founded
in 1980 -- a diversified portfolio of equity interests notably
including the biggest private shipbuilding group in China, a fund
management activity in Vietnam, property developments in the
region, and a real estate activity in Reunion Island. Jacques de
Chateauvieux has been a member of the Supervisory Board of AXA
since 2005 Francois Martineau -- short biography: Born in 1951,
Francois Martineau has been a lawyer at the Paris bar since 1976.
His main professional focus is business law. He is the author of
numerous books, some translated in many languages > (Dalloz ;
2004-2006). Francois Martineau is advisor to the Council of Europe
and teaches the theory of argumentation in France at the Bar
Training School and abroad. Education: University of Paris, degree
in philosophy (1971) and a master in law (1973). He also holds a
degree of Institut Politique (1973). Wendy Cooper -. short
biography: Born in 1950, Wendy Cooper is Senior Vice President
& Associate General Counsel AXA Equitable (US). Graduate of the
Fordham Law School of New York, she firstly spent more than 13
years in NYS Government, successively as Assistant Counsel to NY
Governors (1981-1987) and as First Deputy Superintendent of
Insurance of the NY Insurance Department (1987-1995). She also
served as Acting Superintendent of Insurance (from January to June,
1990). Wendy Cooper then joined The Equitable, predecessor of AXA
Equitable, as Vice President & Associate General Counsel. This
press release is available on the AXA Group web site
http://www.axa.com/ About AXA AXA Group is a worldwide leader in
Financial Protection. AXA's operations are diverse geographically,
with major operations in Europe, North America and the Asia/Pacific
area. Full year 2007 IFRS revenues amounted to Euro 94 billion and
adjusted earnings to Euro 6,138 million. The AXA ordinary share is
listed on compartment A of Euronext Paris under the ticker symbol
CS (ISIN FR0000120628 -- Bloomberg: CS FP -- Reuters: AXAF.PA). The
American Depository Share is also listed on the NYSE under the
ticker symbol AXA. IMPORTANT LEGAL INFORMATION AND CAUTIONARY
STATEMENTS CONCERNING FORWARD LOOKING STATEMENTS Certain statements
contained herein are forward-looking statements including, but not
limited to, statements that are predications of or indicate future
events, trends, plans or objectives. Undue reliance should not be
placed on such statements because, by their nature, they are
subject to known and unknown risks and uncertainties, including the
risk that the proposed acquisition may not be consummated. Please
refer to AXA's Annual Report on Form 20-F and AXA's Document de
Reference for the year ended December 31, 2006, for a description
of certain important factors, risks and uncertainties that may
affect AXA's business. In particular, please refer to the section
"Special Note Regarding Forward-Looking Statements" in AXA's Annual
Report on Form 20-F. AXA undertakes no obligation to publicly
update or revise any of these forward-looking statements, whether
to reflect new information, future events or circumstances or
otherwise. DATASOURCE: AXA Group CONTACT: AXA Investor Relations:
Etienne Bouas-Laurent, +33-1-40-75-46-85; or Paul-Antoine
Cristofari, +33-1-40-75-73-60; or Emmanuel Touzeau,
+33-1-40-75-49-05; or George Guerrero, +1-212-314-2893; or AXA
Media Relations: Christophe Dufraux, +33-1-40-75-46-74; or Clara
Rodrigo, +33-1-40-75-47-22; or Armelle Vercken, +33-1-40-75-46-42;
or Laurent Secheret, +33-1-40-75-48-17; or Mary Taylor,
+1-212-314-5845; or Individual shareholders, +33-1-40-75-48-43 Web
site: http://www.axa.com/ http://www.axa-equitable.com/
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