The new ax you designed does look cooler (though if you look at the middle one, it is missing an angle that the other 2 have on the back part of the main blade), but honestly, the simple ax design from before fit the character better. He is presented as a no nonsense kind of orc, and I felt like the simple strait forward ax design fit him. Also, considering he is just wearing plain black pants and nothing else, it feels like having a fancy ax doesnt match. I think the old ax worked because it suited his personality to have a simple woodcutter's ax. It sorta of said, "I use what works".
If you wanted to make the ax more intimidating, adding a simple back spike would be practical addition to the ax and increase its balance. I think there is no real reason to have a smaller, less useful, ax on the back of the bigger ax, so it just decorative, while a spike on the back would allow for a devestating pickax style stabbing attack for heavily armored foes. If you wanted to make him look scarier as a character, that would work.
Another option would be 2 identical ax heads (like the typical war ax, so a bit boring), which works because then you have 2 sides you can use equally well if one side gets dull or chipped, and is balanced for easier swinging, plus you can do a back swing and still expect to do damage. As this would be the most common war ax, it might work to highlight how strait forward he is, and would say "I use an ordinary war ax like a sensible warrior".
The difference would be that the 2 headed war ax is a weapon of war, while the simple wood cutters ax is something you might start using if you come from a more humble background and didn't think switching to a more balanced war axe was necessary, and the back spiked ax would be something you use if you are an experienced adventurer who has faced heavily armored foes and wanted the best tool for the job. The personality of your character is tied up to the weapon he uses, and the new ax simply doesn't feel right to me.
But its up to you obviously, thats just my 2 cents.