Disbelief over O'Dell's quitting
But top management says departure won't impact on operations
By Lorna Tan, Finance Correspondent
Mr Mark O'Dell resigned as executive vice-president and general manager of AIA Singapore on Wednesday evening. Though he had been planning to move for a while, his departure during the current crisis has disappointed many AIA staff. -- ST PHOTO: YEN MENG JIIN
THE timing of Mr Mark O'Dell's shock departure from insurer AIA Singapore had financial circles buzzing yesterday.
The announcement of Mr O'Dell's resignation on Thursday night caught market observers and most of AIA's 4,000 agents completely by surprise. The initial reaction from many was one of disbelief.
Many also expressed disappointment that he had opted to jump ship to rival Manulife Financial in the middle of a crisis of confidence at AIA.
Thousands of anxious clients besieged AIA offices this week demanding to surrender their policies, although a measure of calm had returned by Thursday.
'The timing is wrong. He could have chosen a better time,' was the refrain heard among AIA agents.
AIA said Mr O'Dell, 50, resigned as executive vice-president and general manager on Wednesday evening.
From noon the next day, AIA's top and middle management were briefed on the departure before the news was made public later in the evening.
It is believed that Mr O'Dell quit primarily because he had become disenchanted with his boss and had been looking for greener pastures.
He is on gardening leave for a month before moving to Taiwan as general manager of Manulife's operations there.
A market observer said the resignation must have shaken AIA staff and agents as Mr O'Dell was a strong leader.
'The timing is not right as AIA is facing so many problems now. I feel sad for AIA,' he said.
One angry AIA agent said on Thursday: 'I feel betrayed and let down. A ship without a captain in a storm is heading for trouble. He told the agents to go ahead and charge and now he himself has decided to ship out.'
An AIA agency leader said yesterday: 'The timing is horrible. He could have chosen a better time to leave.'
Another observer was more pragmatic: 'Well, the offer came and he took it. AIA has to let him go immediately because he is joining a rival.'
Some of the feelings of disappointment and betrayal were soothed after a morning meeting between AIA agency leaders and top management yesterday.
Mr Mark Wilson, regional president of AIG Life Companies in Asia Pacific and AIA president, flew in for the meeting, that also included Mr Kenneth Juneau, executive vice-president and senior regional life executive of AIA's regional office.
Mr Juneau has also assumed leadership duties at AIA Singapore until a permanent replacement for Mr O'Dell is found.
Mr Wilson told a press conference yesterday that the timing of Mr O'Dell's resignation was 'regrettable' but that AIA Singapore 'is not about one person' and his move does not impact operations.
'We've been working on succession planning for some time. The timing and news of his resignation was critical. It was his decision, not the company's and it also had nothing to do with the current issues this week,' said Mr Wilson.
He added that AIA has a strong leadership and that Mr Juneau is a very experienced executive.
Mr Juneau will be a familiar face to the older agents here as he was co-director of agency at AIA Singapore in the early 1990s.
What does Mr O'Dell, the man in the centre of the storm, has to say?
He was uncontactable.
[email protected]
But top management says departure won't impact on operations
By Lorna Tan, Finance Correspondent
Mr Mark O'Dell resigned as executive vice-president and general manager of AIA Singapore on Wednesday evening. Though he had been planning to move for a while, his departure during the current crisis has disappointed many AIA staff. -- ST PHOTO: YEN MENG JIIN
THE timing of Mr Mark O'Dell's shock departure from insurer AIA Singapore had financial circles buzzing yesterday.
The announcement of Mr O'Dell's resignation on Thursday night caught market observers and most of AIA's 4,000 agents completely by surprise. The initial reaction from many was one of disbelief.
Many also expressed disappointment that he had opted to jump ship to rival Manulife Financial in the middle of a crisis of confidence at AIA.
Thousands of anxious clients besieged AIA offices this week demanding to surrender their policies, although a measure of calm had returned by Thursday.
'The timing is wrong. He could have chosen a better time,' was the refrain heard among AIA agents.
AIA said Mr O'Dell, 50, resigned as executive vice-president and general manager on Wednesday evening.
From noon the next day, AIA's top and middle management were briefed on the departure before the news was made public later in the evening.
It is believed that Mr O'Dell quit primarily because he had become disenchanted with his boss and had been looking for greener pastures.
He is on gardening leave for a month before moving to Taiwan as general manager of Manulife's operations there.
A market observer said the resignation must have shaken AIA staff and agents as Mr O'Dell was a strong leader.
'The timing is not right as AIA is facing so many problems now. I feel sad for AIA,' he said.
One angry AIA agent said on Thursday: 'I feel betrayed and let down. A ship without a captain in a storm is heading for trouble. He told the agents to go ahead and charge and now he himself has decided to ship out.'
An AIA agency leader said yesterday: 'The timing is horrible. He could have chosen a better time to leave.'
Another observer was more pragmatic: 'Well, the offer came and he took it. AIA has to let him go immediately because he is joining a rival.'
Some of the feelings of disappointment and betrayal were soothed after a morning meeting between AIA agency leaders and top management yesterday.
Mr Mark Wilson, regional president of AIG Life Companies in Asia Pacific and AIA president, flew in for the meeting, that also included Mr Kenneth Juneau, executive vice-president and senior regional life executive of AIA's regional office.
Mr Juneau has also assumed leadership duties at AIA Singapore until a permanent replacement for Mr O'Dell is found.
Mr Wilson told a press conference yesterday that the timing of Mr O'Dell's resignation was 'regrettable' but that AIA Singapore 'is not about one person' and his move does not impact operations.
'We've been working on succession planning for some time. The timing and news of his resignation was critical. It was his decision, not the company's and it also had nothing to do with the current issues this week,' said Mr Wilson.
He added that AIA has a strong leadership and that Mr Juneau is a very experienced executive.
Mr Juneau will be a familiar face to the older agents here as he was co-director of agency at AIA Singapore in the early 1990s.
What does Mr O'Dell, the man in the centre of the storm, has to say?
He was uncontactable.
[email protected]
