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(Sharecast News) - M&G announced the appointment of Andrea Rossi as its next chief executive and an executive director on Thursday.
The company said Rossi would take up his new position on 10 October, succeeding John Foley who, in April, announced his intention to retire after seven years in the role.
Foley would remain at M&G in an advisory capacity until 31 December, the board confirmed, in order to ensure an orderly transition.
"We are delighted to announce the appointment of Andrea Rossi as CEO of M&G," said chair Edward Braham.
"His deep experience in both global asset management and insurance is an ideal fit for M&G.
"He is an inspiring and proven leader with a strong track record of delivering profitable growth and outstanding client outcomes."
M&G said Rossi had 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 for six years.
Rossi also held senior roles at AXA's insurance business across Europe and internationally.
Under his leadership of AXA Investment Managers, assets under management increased 55% to €800bn and AUM from external clients more than doubled.
Most recently, Rossi had been a senior adviser to Boston Consulting Group.
He would step down from that role following his appointment at M&G.
The company said he is also the co-founder of REsustain, a firm focussed on reducing the carbon intensity of commercial property, where he would remain as a non-executive director.
"I have long admired M&G given its history, excellent investment strategies and savings solutions," said Andrea Rossi.
"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."
Reporting by Josh White at Sharecast.com.
