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Member, Beacon International Group, Ltd.
PEMBROKE, Bermuda—AXIS Capital Holdings Ltd. has replaced John R. Charman as nonexecutive chairman of its board of directors with Michael A. Butt.
The company said Monday that Mr. Charman was terminated without cause after the board failed to resolve differences with Mr. Charman over the role and responsibilities of the chairman position.
Mr. Charman, who stepped down as Axis CEO and president on May 3 to assume the role of chairman, will remain on the board and will receive cash benefits totaling approximately $11 million under the terms of his employment agreement.
“The entire board would like to thank John Charman for his contribution to AXIS Capital's success over the past decade,” Henry B. Smith, lead independent director for the board, said in a statement. “John's tireless years of service and work ethic have helped to build and lay the groundwork for our company's continued success for many years to come.”
Mr. Butt returns to a role he held from September 2002 to May 2012.
“I look forward to returning to the role of chairman of AXIS Capital and want to reiterate the board's full support for our current strategy, our CEO Albert Benchimol and the company's strong management team,” Mr. Butt said in the statement. “We are confident that Albert and the team will continue to build the value of the company for the long-term benefit of all stakeholders.”
PEMBROKE, Bermuda—AXIS Capital Holdings Ltd. reported first quarter net income of $122 million on Friday.