Andy Penn has been effectively told he's the man to replace Les Owen as CEO at AXA Asia Pacific at the end of 2006

Australian Banking & Finance, Feb 16, 2004

ANDY PENN HAS BEEN EFFECtively told he's the man to replace Les Owen as CEO at AXA Asia Pacific at the end of 2006.

AXA extended the contract of Owen to the end of 2006 and elevated CFO Penn to head the Australia and New Zealand Operations.

AXA chairman Rick Allert said the board was pleased with the successful repositioning of the company under Owen's Leadership.

Owen instigated the transformational program K5 which set out to lift AXA into several top five categories in the insurance sector, and which wound up in December after three years.

"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," Owen said. AAP reported Aspect Huntley insurance analyst David Walker as saying: "Penn's appointment was positive news for AXA.

"Andy Penn is one of Australia's rising star senior executives and the attention to succession planning increases out comfort with the company.

"It indicates Les Owen is comfortable with progress in the Australian business and wants to focus entirely on AXA China region, the division with the most upside."