NU Online News Service, Dec. 13, 2:19 p.m. EST
Industry veteran John R. Charman will retire as chief executive officer and president after a decade at the helm of specialty-lines insurance provider Axis Capital Holdings Ltd. The company's chief financial officer will take the role.
Charman's retirement begins May 3, 2012, at which time Albert Benchimol, currently the CFO, will step in, according to a statement from Bermuda-based Axis.
Charman will remain as chairman of the company's Board of Directors, succeeding Michael A. Butt, who will remain as a member of the board.
A search for a new CFO has begun. Benchimol will also be appointed to the board as of Jan. 1.
"Throughout my 40 years in the industry I have always held the view that it is critical to the ongoing well-being of a company that a CEO (much like a houseguest) should not outstay his or her welcome," Charman says in a statement. "After 10 years as CEO, the time is right for Axis Capital to put in place the next generation of leadership."
Benchimol, who prior to joining Axis was an executive vice president and CFO for Partner Re (In 2007 he also took the role as CEO of Partner Re's Capital Markets Group), says he "intends to sustain a culture that is driven by a strong focus on underwriting discipline and risk management."
In February 2008 Axis extended the employment contract of Charman as CEO for five years. Charman was to stay on in his current position until 2013. Charman once said he was going to retire after 2008, due to a bitter divorce.
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