AXA’s Ralph Stewart announces departure

Monday 7th March 2011

AXA New Zealand CEO Ralph Stewart has announced he will step down from his role on March 30 following AXA's sale to AMP.

Stewart has headed AXA New Zealand for seven years and said the company could be proud of the progress made over the past decade, and that its sale to AMP represented a significant opportunity for further growth.

"The next step for the New Zealand business is to grow our scale as quickly as possible so we can compete with the largest financial institutions in New Zealand. The merger with AMP represents this opportunity," he said.

"The combined business will be a very serious contender and one of the 10 largest companies in New Zealand. Working with AMP is a very real and practical way to ensure we can continue to support customers with competitive products and services."

Stewart said AXA had built a strong and effective team of staff and advisers who will continue to play important roles.

"On a personal note, I want to thank all of AXA's staff and advisers for their support over the past seven years. We have some truly wonderful people who have nothing but the best interests of our clients at heart."

The last regulatory approval for the AXA sale was completed today with the second court hearing in Australia approving the share scheme. The sale will be settled over the remainder of March.

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