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08/05/2012
Aviva Boss Steps Down Following Shareholders Vote
Aviva chief executive Andrew Moss is to resign his post with immediate effect, the insurance firm has announced.
The move follows an embarrassing defeat of a shareholders vote over executive pay at last week’s annual meeting.
Mr Moss had already turned down an annual salary increase following concerns among shareholders about pay levels at the insurer.
Following the announcement Aviva shares rose 5% in early trading.
Chairman designate John McFarlane will take on the role on an interim basis.
Mr McFarlane said he was excited to take on the role.
"My first priorities are to regain the respect of our shareholders by eliminating the discount in our share price and to find the very best leader to be our future chief executive," he added.
McFarlane will undertake the role while the company looked for a permanent replacement among internal and external candidates.
(H)
The move follows an embarrassing defeat of a shareholders vote over executive pay at last week’s annual meeting.
Mr Moss had already turned down an annual salary increase following concerns among shareholders about pay levels at the insurer.
Following the announcement Aviva shares rose 5% in early trading.
Chairman designate John McFarlane will take on the role on an interim basis.
Mr McFarlane said he was excited to take on the role.
"My first priorities are to regain the respect of our shareholders by eliminating the discount in our share price and to find the very best leader to be our future chief executive," he added.
McFarlane will undertake the role while the company looked for a permanent replacement among internal and external candidates.
(H)
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