Henri de Castries stepping down from Axa

Chairman and chief executive of Axa, Henri de Castries, announced his intention to retire from the French insurer on Monday, with Thomas Buberl taking his place as CEO.

The news came in de Castries' 28th year at Axa, 16 of which he had spent leading the firm. On Sunday, he was reported as the leading candidate for the role of HSBC chairman.

Buberl joined Axa in 2012 to head its German operation.

De Castries' announcement came in the form of a letter to staff, in which he said the decision was "not without emotion".

"As you can imagine, leaving Axa was neither an easy nor a hasty decision for me. It is a deeply and carefully thought-out choice and, all things considered, I believe it is the best moment to hand over the leadership of the group," he wrote.