UK government
Prime minister Theresa May has spent Thursday appointing her new cabinet, putting in place ministers to support her vision and strategy as she settles down to lead the country through an unprecedented break from the European Union.
The axe fell on some long-standing cabinet members; with chancellor of the Exchequer and instigator of the pension reforms, George Osborne, losing his role to Phillip Hammond.
Damien Green is the new Work and Pensions Secretary, replacing Stephen Crabb who quit the cabinet following allegations that the married father exchanged intimate text messages with a younger woman.
David Davies, the newly appointed secretary of state for exiting the EU, has stated that the triggering of Article 50 will happen towards the end of the year.
Former contender for the prime ministership, Andrea Leadsom, has been named environment secretary. Leadsom dropped out of the leadership race, clearing the way for May to be named PM.
Zurich International Life
Zurich International Life has strengthened its senior management team with the appointment of Reena Vivek as chief operations officer overseeing the Isle of Man, Middle East, Hong Kong and Singapore operations.
Based in Dubai, Vivek will be responsible for operations, IT and business change across all of the international life businesses and will report to Clive Baker, chief executive of Zurich International Life.
Additionally, she will continue to support Walter Jopp, chief executive of Zurich insurance company Middle East, for operations related activities.
She brings with her over 19 years’ experience in insurance, wealth management and retail banking.
Deutsche Bank
Werner Steinmueller, head of global transaction banking (GTB), has been nominated to join Deutsche Bank’s management board and take on a new role as chief executive of Asia Pacific. Steinmueller, who will relocate to Hong Kong, joined Deutsche Bank in 1991 and has been the Head of GTB since 2004.
Steinmueller will be succeeded as head of GTB by John Gibbons, who has most recently been regional executive for Europe, Middle East and Africa and global head of banks and broker dealers for treasury services at JP Morgan. Gibbons will be based in London and report to head of corporate and investment banking, Jeff Unwin.
The nomination committee of the supervisory board will recommend these changes to the full supervisory board at its upcoming meeting on July 28. The appointment of Steinmueller is subject to regulatory approval.
Axa Group
Axa Group has appointed Jef Van In as chief executive officer of Axa Belgium. He joins from Axa Bank Europe, where he holds the position of chief executive. Van In succeeds Frank Koster who will step down on 15 July, although his will continue to advice the company until the end of the year.
Emmanuel Vercoustre, deputy chief executive and chief financial officer of Axa Bank Europe, will chair ad interim the management board of Axa Bank Europe.
Axa Investment Managers
Axa IM has named Jean-Christophe Ménioux as general secretary and chief financial office. Ménioux will be a member of Axa IM’s management board and report to chief executive Andrea Rossi.
He joins Axa IM from Axa Group where he was most recently responsible for their Life & Savings business line and has previously held various positions including group treasurer and group chief risk officer. Ménioux replaces Elie Harari who joins Axa Partners as chief financial officer.
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