A press release said the board elected Andrew McMahon as president of its Financial Protection and Wealth Management business, James Shepherdson as president of its Retirement Savings business, and Richard V. Silver as chief administrative officer and chief legal officer.
McMahon will have overall responsibility for life insurance manufacturing, marketing, distribution, and in-force management, and will continue to lead AXA Advisors, AXA’s agent distribution system. Before joining AXA Equitable, McMahon was a principal at McKinsey & Co. and served as a life insurance practice leader in North America.
Shepherdson will have overall responsibility for annuity product manufacturing, third-party distribution, marketing, and in-force management, and will lead product manufacturing for the employer-sponsored markets. He will also continue to lead AXA Distributors and AXA Global Distributors. Shepherdson worked for AXA from 1996 to 2000 when he left to become co-CEO of MetLife Investors Group. From 2004 to 2005, he served as CEO of John Hancock Funds, then returned to AXA in 2005
Silver will oversee Information Technology; Central Marketing, Innovation and Communications; External Affairs; and the Strategic Initiatives Group, and will continue to be responsible for the Law Department and the Funds Management Group. Before joining AXA Equitable, Silver was a vice president and senior securities attorney with a subsidiary of Merrill Lynch.
The company said these roles have been created to enhance customer-centric product design, delivery, and service.
The three executives, along with Richard Dziadzio, chief financial officer, were also elected as senior executive vice presidents of AXA Equitable. All four, previously executive vice presidents, will continue to report to Christopher M. “Kip” Condron, chairman and chief executive officer of AXA Equitable.
“Our strategic plan focuses on three key areas: expanding and diversifying our product portfolio to serve the needs of existing and new markets, building distribution to effectively deliver a broader range of products to a wider array of clients, and optimizing the management of our substantial and valuable in-force business,” Condron said, in the press release.