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2000 – 2003 AXA Life Insurance Company, Tokyo
Executive Director, Human Resources and General Affairs
During the takeover of Nihon Dantai Life Insurance by AXA Life, primary responsibility for developing and executing the change programs needed for the integration of the two companies and to develop a working atmosphere conducive to the business model changes needed for the insurance industry in Japan. In addition, line management responsibility for the Human Resources, General Affairs, Sales Commissions and Advertising departments.
Accomplishments include:
Human Resources
Handled all HR issues resulting from the integration of two companies with a total of 10,000 staff.
Restructured executive compensation including for members of the Board of Directors to eliminate historical practices and obligations going forward and to put the executives on a performance-based compensation basis. Developed and implemented a performance bonus process for this group of executives consistent with the company-wide process put in place.
Working with the President, developed and implemented staffing plans and backups for all key positions.
Developed and implemented new compensation and performance management system including negotiations with the head office unions. This includes individual performance bonuses for a limited number of middle managers and elimination of seniority and gender from the compensation process.
Managed successful early retirement plan at inception of new company; approximately 190 senior staff departed voluntarily.
Recruited 210 mid-career hires (mid-level and executive level) with a 90% retention rate after one year into a company that had only a very few mid-career hires in its history.
Developed and implemented an entry-level recruiting/training process for university graduates to compete with the “best” employers in Japan; over 100 staff in three years.
Developed and implemented new training process in sales (2000 recruits per year) incorporating e-learning, testing and coaching methods to reduce turnover in the sales organization.
Developed a relationship with the head office unions to ensure the alignment of goals between the company and the junior staff was as complete as possible.
Commission Systems
Centralized the commission systems from both companies and four distinct sales channels for both planning and administration/payments.
Designed modifications to the systems (and negotiated with the sales union) a series of modifications to the commission systems that reduced the cost of new salesperson turnover by 25% and increased the profitability of new business sales by 20%.
In addition, re-designed the rules and enforcement relating to surrenders and lapses leading to a decline of the underlying surrender rate by 20% in the last six months.
Designed, negotiated with the union and implemented a quarterly review process for all sales staff that allows the company to terminate sales staff every three months based on the sales performance for the previous quarter.
General Affairs
Managed all administrative functions for the company including procurement, real estate, and premises management.
Reduced operating costs by 15% each year for three consecutive years, reduced headcount by 20% in these departments and reduced printing expense for the company by 25%.
Initiatives included e-procurement to centralize purchasing throughout Japan, development of in-house design staff to dramatically reduce printing expenses, centralized procurement of PC’s, etc.
Advertising/Corporate Communications
For the past one year, responsible for the advertising strategy and execution for AXA Life Japan.
With a fixed budget, raised unaided awareness to 74% nationwide. In addition, developed and implemented new design policy for all marketing materials for four separate sales channels.
Managed AXA Japan’s relationships with the press and the investment community.
Developed an internal communications architecture including company publication, regular middle and senior management briefings, a corporate intranet and a commitment to Japanese language information flows to all staff.
1994 – 1999 Deutsche Bank, Singapore Regional Office
Regional Head – Financial Institutions
Managed Deutsche Bank’s relationships with banks, governments, insurance companies and other financial institutions in the Asia Pacific Region.
Recruited and trained 80 specialized staff in 11 countries and implemented a relationship management process throughout the region.
Accomplishments included developing and maintaining long-term relationships with 500 Asian and multinational financial institutions throughout the Asia Pacific region.
Developed non-traditional products for this customer group including IPO financing, commodity loans, operating products, Asian equity options,
Structured and distributed US$ 1 billion of emerging market country risk to European and Asian investors to reduce lending risks for Deutsche Bank while continuing to serve clients through the Asian crisis.
In addition, assisted in the integration of Banker’s Trust Asia into Deutsche Bank Asia after the acquisition while managing the relationships held by both institutions.
1986 – 1993 Citibank Tokyo
Chief of Staff – Country Head 1986-1987
Assisted newly appointed country head in Tokyo in implementing a major shift in strategy in Citibank Tokyo. Included responsibilities for recruiting, transition of senior staff, putting in place new product initiatives, advertising and marketing, and training of all staff in a new, expanded relationship management role.
Product Development 1988 – 1993
Developed and marketed a series of new products in Tokyo to Japanese institutional clients.
Accomplishments included the distribution of the first hedge fund sold into the Japanese institutional market, distribution in Japan of “Country Risk” instruments to remove emerging markets risk from Citibank’s balance sheet generating US$ 3 million in fee revenues.
Structured tax products to allow Citibank leasing subsidiary to use up US$ 10 million in tax loss carry forwards.
Generated fee revenues of $ 6 million in last 12 months with staff of five from newly developed investment products for Japanese institutional market. Responsibility included product development, legal structuring, establishment of needed offshore vehicles; selection of trading managers and traders and distribution to Japanese institutional investors.
Developed and implemented joint venture cash card product with Japan Travel Bureau for Japanese tourists.
1983- 1985 Citibank Regional Office - Manila/Hong Kong
Regional Head, Electronic Banking
Responsible for development and sales of electronic banking products in the Asia Pacific region for institutional clients. Developed and marketed Citibank’s first electronic transaction products with Asian clients including development of sales teams in 12 countries in the region. These products were the first of their type in Asia and a fast-paced rollout was a key strategic initiative in building the Citibank franchise.
Recruited sales teams in each of the 12 countries and managed the product development process for this new business line.
Results included establishment of more than100 key long term relationships with large Asian and multinational clients who are still dependent upon Citibank for their operational banking needs. New annual revenues of US$ 6 million were in place by 1985.
Furthermore, trained approximately 1500 Citibank staff in understanding the product capabilities and revenue potential of this new product line.
1979-1982 Citibank Korea
Head – Operations, Human Resources, Treasury, Financial Control
Managed all of Citibank’s back office functions as well as foreign exchange and treasury operations in Seoul.
Accomplishments included the first purchase of land by any foreign entity in Korea, development of high return local money market operations, automation of the general ledger and accounting functions, acquisition of 50% of a leasing company (Korea First Leasing) and development and implementation of a recruiting and staffing program.
Managed the branch through 1980 during the change of government in Seoul.
1974-1978 Citibank India
Head – Operations
Managed staff of 1,200 in seven branches in five cities. Responsibilities included all back office functions, union relations, Reduced headcount by 30%, implemented needed credit control procedures for lending businesses, recruited 100 university graduates after 11 years of no hiring, developed 60 managers for outplacement into the Citibank network outside of India.
1970 – 1973
Joseph Dixon Crucible Company
Worked in systems and procedures area developing time studies relating to production of pencils and other products
1965-1969
U.S. Army – Honorable Discharge |
