M&G plc (“M&G”), the leading international savings and investment business, announces the appointment of Andrea Rossi as its next Chief Executive and Executive Director. Rossi will take up his new position on 10 October 2022, succeeding John Foley who, in April 2022, announced his intention to retire after seven years in the role.
John will step down as CEO and Executive Director on 10 October 2022, but will remain at M&G in an advisory capacity until 31 December 2022 in order to ensure an orderly transition.
Rossi has a 22 year track record in the global insurance and asset management sectors, mainly through his time at AXA Group. He was CEO of AXA Investment Managers and a member of the Group Executive Committee of AXA Group for six years.
Edward Braham, Chair of M&G, said: “Throughout what was a thorough and exacting recruitment process, Andrea impressed us with his appreciation of the unique capabilities of M&G, his strong focus on growing M&G, delivering results for shareholders and his commitment to sustainability.”
Andrea also held senior roles at AXA’s insurance business across Europe and internationally. Under his leadership of AXA Investment Managers, assets under management increased by 55% to €800bn ($775bn) and AUM from external clients more than doubled. This growth was driven by a clear focus on systematically identifying and addressing client needs and through a transformation of underlying systems and processes. Most recently, Andrea has been a senior adviser to Boston Consulting Group.
He will step down from this role following his appointment at M&G. He is also the co-founder of Resustain, a firm focussed on reducing the carbon intensity of commercial property, where he will remain as a Non-Executive Director.
Andrea Rossi, CEO-elect said: “I have long admired M&G given its history, excellent investment strategies and savings solutions. I am honoured to have been selected as its next CEO and look forward to driving growth in the business while at the same time improving its efficiency to better serve client needs. There is an excellent team at M&G and I’m excited at the prospect of working with them to take the business forward.”
The appointment has been approved by the PRA and FCA.