AXA Gulf Appoints Paul Adamson as CEO
Press release
Paul Adamson
Highlights
AXA has announced the appointment of Paul Adamson as Chief Executive Officer of AXA Gulf.
AXA, one of the largest international players in the GCC and the no. 1 global insurance brand* for the 10th consecutive year, has announced the appointment of Paul Adamson as Chief Executive Officer of AXA Gulf.
He will take over from Cédric Charpentier, Chief Executive Officer of AXA Gulf, recent Member of the INM Executive Committee and Strategic Development Officer for AXA Gulf, Saudi Arabia & Turkey, who has decided to leave the AXA Group after 22 years.
Mr Adamson joined AXA in 2005 and is currently Managing Director of AXA Cooperative in Saudi Arabia. He has over 30 years’ experience in the insurance industry, is also a Chartered Insurer and has spent the last 20 years working in the Middle East Region. In 2010 Mr. Adamson led the IPO and floatation of AXA on the Saudi Stock Exchange, and since joining AXA has held various senior positions throughout the region.
Commenting on the new appointment, Benoît Claveranne, CEO of AXA International & New Markets, said; “Paul enjoys an extensive knowledge of the region and this, coupled with his strong leadership capabilities, makes him the ideal candidate to take our operations in the GCC forward. He has delivered significant successes during his time in the region and I am confident that he and his team will continue to achieve great things.
“I am grateful to Cédric for his professionalism and commitment to AXA Gulf. He was a respected leader, delivering remarkable growth and implementing a series of innovative initiatives that changed the face of insurance. I wish him all the very best in his next endeavour.”
Mr Adamson is expected to continue overseeing AXA’s operations in Saudi Arabia, and subject to regulatory approval should take up his new role with effect from 1 November 2019.
*As per Interbrand 2018 ranking.
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Background Information
AXA Gulf
VAT or Value Added Tax is a form of consumption tax that is imposed on a transnational level. The GCC has agreed to apply a uniform standard rate of 5%. This standard rate will apply to almost all domestic transactions. UAE and KSA will implement VAT on 1 January 2018, and the other GCC countries are expected to implement in the following 12 months.
In limited instances VAT can also apply at 0% (zero-rate), or transactions can be exempt from VAT, or out of scope.
How it works is that taxable businesses are generally able to recover the VAT they incur on their purchases and expenses.
However, as individuals, we are the final point of the supply chain and therefore, will bear the cost as we are not able to recover the VAT.
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