Charman Ousted As Chairman, To Get $11 Million

June 25, 2012

John Charman will receive $11 million after being ousted as chairman following a dispute over his role at Bermuda-based AXIS Capital Holdings Limited, Bloomberg reports today [June 25]. Half will be made in a lump sum immediately, and the rest after one year.

AXIS has appointed Board member and former Chairman Michael A. Butt as non-executive Chairman of the Board of Directors to succeed Mr Charman.

A statement from AXIS said, “The change in Board leadership came after the Board endeavored to resolve differences with Mr. Charman over his understanding of the role and responsibilities of the Chairman position.

“After the Board and Mr. Charman were unable to reach a resolution, the Board concluded that the Company would be best served by someone else serving as Chairman and terminated Mr. Charman without cause from the position of Chairman under the terms of his employment agreement. As Mr. Charman was elected to the Board by the Company’s shareholders, he will remain a member of the Board of Directors.”

Henry B. Smith, Lead Independent Director, said “The entire Board would like to thank John Charman for his contribution to AXIS Capital’s success over the past decade. 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.”

Commenting on the appointment of Michael A. Butt as the new Chairman of the Board, Mr. Smith said, “Michael Butt’s success as Chairman is proven, having served the Company in this capacity from September 2002 to May 2012.

“As Chairman, he assures AXIS Capital and its stakeholders with four decades of related industry experience and a thorough understanding of the Company. Michael previously served as the Chairman of the Association of Bermuda Insurers and Reinsurers from January 2008 through December 2009, and has served as a director at several publicly-traded insurance companies.”

Mr Butt said, “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. 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.”

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