M&G names AXA veteran as next chief executive

UK-headquartered savings and investment business M&G has named Andrea Rossi as its next chief executive and executive director.

Rossi, who will start the top job on 10 October, takes over from John Foley. Foley announced his intention to retire after seven years in the job earlier this year. He will remain with M&G in an advisory capacity until the end of the year to ensure an orderly transition, the business said. 

Rossi will earn a base salary of £875,000 a year with a significant bonus package, M&G revealed. 

He has a 22-year track record in the global insurance and asset management sectors, mainly through his time at AXA Group.

He was CEO of AXA Investment Managers and a member of the group executive committee of AXA Group for six years.

Most recently, he has been a senior adviser to Boston Consulting Group. He will step down from this role following his appointment at M&G.

He is also the co-founder of REsustain, a firm focused on reducing the carbon intensity of commercial property, where he will remain as a non-executive director.

The appointment has been approved by regulators. 

M&G chair Edward Braham said: "We are delighted to announce the appointment of Andrea Rossi as CEO of M&G. His deep experience in both global asset management and insurance is an ideal fit for M&G. He is an inspiring and proven leader with a strong track record of delivering profitable growth and outstanding client outcomes."

He added: "Throughout what was a thorough and exacting recruitment process, Andrea impressed us with his appreciation of the unique capabilities of M&G, his strong focus on growing M&G, delivering results for shareholders and his commitment to sustainability."  

Rossi said: "I have long admired M&G given its history, excellent investment strategies and savings solutions. I am honoured to have been selected as its next CEO and look forward to driving growth in the business while at the same time improving its efficiency to better serve client needs. There is an excellent team at M&G and I'm excited at the prospect of working with them to take the business forward."