M&G PLC (LSE:MNG), the international savings and investment business, has appointed Andrea Rossi as its next chief executive succeeding John Foley who announced in April that he was stepping down after seven years in the role.
Rossi will take up his new position on 10 October 2022 and receive a salary of £875,000, while Foley 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 where he was CEO of AXA Investment Managers and a member of the group executive committee of AXA Group for six years.
Under his leadership of AXA Investment Managers, assets under management increased by 55% to €800bn.
Most recently, Rossi has been a senior adviser to Boston Consulting Group. He will step down from this position but remain a non-executive director of REsustain, a firm focussed on reducing the carbon intensity of commercial property.
Edward Braham, chair of M&G, said: "We are delighted to announce the appointment of Andrea Rossi as CEO of M&G. His deep experience in both global asset management and insurance is an ideal fit for M&G.”
Andrea Rossi, CEO-elect said: "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.”