AXA’s Keeping it Simple With New Structure
AXA Group announced it has initiated a simplification of its operating model designed to empower its entities to deliver on the transformation and operate as close as possible to their customers. The AXA Group will be organized based on 5 geographies (France, Europe, the US, Asia, and International), and a single, refocused Corporate Center (reduced from the three layers – head office, global business lines, regions – that exist today).
Key transversal entities will be managed alongside these 5 geographies, including AXA Investment Managers, AXA’s core, fully-owned asset management unit, and AXA Corporate Solutions, AXA’s large insurance risks business. The CEOs of AXA Investment Managers and AXA Corporate Solutions will report to AXA’s Group CEO. As part of this simplification effort, in Europe, direct and traditional entities will report to the country CEO to accelerate the synergies between direct and traditional business.
This project has been presented to the Group’s employees on October 17, and consultations with social partners have been launched in the relevant entities. AXA expects the new operating model to be effective in the first quarter of 2018.
“My objective is to let our teams focus their energy on growing our business and deliver excellent service in their respective markets . 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” – CEO Thomas Buberl.
The word on the street (=Glassdoor) on AXA: “durchaus empfehlenswert” (=definitely recommendable) vs. “Une réorganisation permanente qui tue la productivité et motivation” (= a permanent reorganization that kills productivity and motivation). You decide.