New board structure follows AXA S.A.’s move
to a minority shareholding position
Ramon de Oliveira named independent Chairman
of the AXA Equitable Holdings and AllianceBernstein Boards of
Directors
AXA Equitable Holdings, Inc. (“AXA Equitable Holdings”) (NYSE:
EQH), a leading financial services company comprised of two
principal franchises -- AXA Equitable Life and AllianceBernstein --
today announced new appointments to its Board of Directors,
effective immediately. These actions follow the successful close of
AXA S.A.’s (“AXA”) third offering of shares of AXA Equitable
Holdings common stock on March 25, 2019 which moved AXA to a
minority shareholding position.
AXA Equitable Holdings named Ramon de
Oliveira as the independent Chairman of the AXA
Equitable Holdings and AllianceBernstein Boards of
Directors. Mr. de Oliveira has held a variety
of board positions with subsidiaries of the company
since 2011, and currently serves on the AXA
Equitable Holdings and
AllianceBernstein boards. He is a
founder of the consulting firm Investment Audit Practice.
Throughout his distinguished career, Mr. de Oliveira held
senior positions at J.P. Morgan & Co. He founded
and led J.P. Morgan Global Equities and served
as Chairman and CEO of J.P. Morgan Investment
Management and Private Bank.
“Today’s announcement reflects a thoughtful and deliberate
process to establish independent governance and best position AXA
Equitable Holdings to continue to achieve our strategic objectives
and deliver value for our shareholders,” said Mark Pearson, AXA
Equitable Holdings President and Chief Executive Officer. “I look
forward to partnering with Ramon and the talented individuals
across our boards who are leaders in their respective fields and
provide us with in-depth and diverse expertise across a broad range
of disciplines.”
The company announced subsidiary board members Kristi Matus and
Bertram Scott will join the AXA Equitable Holdings Board of
Directors. With these appointments, the AXA Equitable Holdings
Board is now comprised of a majority of independent directors.
Ms. Matus currently is an Executive Advisor at Thomas H. Lee
Partners. She previously served as the Chief Financial and
Administrative Officer at athenahealth, Inc. Ms. Matus’ deep
industry experience includes leadership positions at Aetna, having
served as the Executive Vice President of Government Services, and
as Chief Financial Officer for USAA and President of USAA’s Life
Insurance and Investment Services businesses.
Mr. Scott is Senior Vice President of population health
management at Novant Health, Inc. He brings broad industry
experience to this appointment with previous roles as President and
CEO of Affinity Health Plan and President of the U.S. Commercial
business at CIGNA. In addition, Mr. Scott held senior management
positions at leading organizations including TIAA-CREF, Horizon
Mercy Health Plan and Prudential Insurance Company.
Consistent with the shareholder agreement between AXA Equitable
Holdings and AXA, the company announced Karima Silvent, AXA Global
Head of Human Resources, and Bertrand Poupart-Lafarge, AXA France
Chief Financial Officer, will depart from the AXA Equitable
Holdings Board of Directors.
In addition to the appointments to the AXA Equitable Holdings
Board, the company announced Charles Stonehill, Jeffrey Hurd and
Nick Lane will join the AllianceBernstein Board of Directors. All
changes to the AllianceBernstein Board of Directors will take
effect April 1, 2019.
Mr. Stonehill currently serves on the AXA Equitable Holdings and
AXA Equitable Life Boards of Directors. He brings more than 40
years of experience in investment banking and capital markets
having held senior leadership positions such as Global Head of
Lazard Capital Markets, Head of Investment Banking for the Americas
of Credit Suisse First Boston and as Head of European Equities and
Equity Capital Markets at Morgan Stanley. Mr. Stonehill is the
founding partner of Green & Blue Advisors.
Mr. Hurd is the Chief Operating Officer at AXA Equitable
Holdings and a member of its Management Committee. He amassed deep
industry experience during his nearly 20-year tenure at AIG having
served as the Chief Operating Officer, Chief Human Resources
Officer, Chief Administrative Officer and Head of Asset Management
Restructuring. In addition, he was the Chief Administrative Officer
and General Counsel for AIG Investments and the interim CEO of AIG
Global Real Estate. Mr. Hurd has held a variety of board positions
including United Guaranty Corporation, a leading mortgage insurer,
and the post-IPO board of AIA Group, a top insurance company in
Southeast Asia.
Mr. Lane is President of AXA Equitable Life with responsibility
for the company’s commercial business lines and a member of the AXA
Equitable Holdings’ Management Committee. He has held a variety of
leadership roles since joining the company in 2005 including
overseeing global strategy for AXA Group, running its asset
management business and, most recently, serving as the CEO of AXA
Japan. Mr. Lane has previously served on the boards of
AllianceBernstein, AXA Investment Managers, AXA Private Equity and
AXA Real Estate Management.
AXA Equitable Holdings Chief Financial Officer Anders Malmstrom
will depart the AllianceBernstein Board after two years of service
to focus on the strategic finance initiatives commensurate with AXA
Equitable Holdings’ newly independent profile.
Denis Duverne, Chairman of the Board of Directors of AXA, and
Robert Zoellick, the Non-Executive Chairman of the
AllianceBernstein Board, will also depart from the
AllianceBernstein Board of Directors.
Seth Bernstein, President and Chief Executive Officer of
AllianceBernstein, together with Mark Pearson said, “On behalf of
the AllianceBernstein Board, we would like to thank Denis and Bob
for their significant contributions to the company. Denis has
served with distinction for 23 years and we are grateful for his
leadership. And we extend our sincere appreciation to Bob who
brought us a valuable global perspective and has been instrumental
in guiding AllianceBernstein through a time of significant
change.”
About AXA Equitable Holdings
AXA Equitable Holdings, Inc. (NYSE: EQH) is one of the leading
financial services companies in the U.S. and is comprised of two
complementary and well-established principal franchises, AXA
Equitable Life Insurance Company and AllianceBernstein. We have
been helping clients prepare for their financial future since 1859
and have a combined total of more than 12,500 employees and
financial professionals, 5.3 million customer relationships and
$619 billion of assets under management (as of 12/31/2018).
About AXA Equitable Life Insurance Company (“AXA Equitable
Life”)
AXA Equitable Life is a wholly-owned indirect subsidiary of AXA
Equitable Holdings, Inc. (NYSE: EQH). Founded in 1859, the company
is one of America’s leading financial services providers with 2.8
million customers and more than $196 billion of assets under
management (as of 12/31/2018). AXA Equitable Life’s mission is to
help people retire with dignity, protect their families and prepare
for their financial futures with confidence.
About AllianceBernstein
AllianceBernstein includes both AllianceBernstein L.P. (“ABLP”)
and AllianceBernstein Holding L.P. AllianceBernstein is a leading
global investment management firm that offers high-quality research
and diversified investment services to institutional investors,
individuals and private wealth clients in major world markets. As
of December 31, 2018, including both the general partnership and
limited partnership interests in ABLP, AllianceBernstein Holding
L.P. owned approximately 35.6% of ABLP and AXA Equitable Holdings,
directly and through various subsidiaries, owned an approximate
65.2% economic interest in ABLP. Additional information about
AllianceBernstein may be found on its website,
www.alliancebernstein.com.
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Investor RelationsKevin Molloy+1 212-314-2476
Media RelationsMatt Asensio+1 212-314-2010
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