EAST ANGLIA-BASED INSURER Aviva has appointed Tom Stoddard (pictured) as its CFO, replacing previous incumbent Pat Regan who is leaving the group to join QBE as its CFO in Sydney, Australia.
Regan, who joined Aviva as CFO in 2010, will leave in June, Financial Director‘s sister title Post reports.
Stoddard joins from Blackstone, where he served as senior managing director and head of global financial institutions advisory. Since the start of 2013, he has been a principal corporate adviser to Aviva, in which time he has gathered an in-depth knowledge of the business.
Group CEO of Aviva Mark Wilson said: “Tom is a high calibre individual and an exceptional addition to our management team. He brings outstanding financial acumen, deep sector expertise, and impeccable commercial and market insight to Aviva. Tom will provide sound judgement and strong challenge – qualities I value highly.
“I would like to take this opportunity to thank Pat Regan for his many contributions to Aviva over the last four years and to wish him well in his future career in Australia.”
Reports suggest Regan chose to leave the insurer after being overlooked for the chief executive post. He initially worked with then-chief executive Andrew Moss, with his exit coming little over a year after the arrival of new incumbent Mark Wilson, with whom Regan had competed for the role.
Instead of departing earlier, though, Regan stayed on to ensure a smooth transition for the insurance firm.
On Regan’s departure, Wilson said: “Pat has been a tremendous support in assisting me with Aviva’s financial transformation. I am supportive of his decision, and he leaves with my best wishes and those of Aviva’s board.”
Regan, also an executive director of Aviva, said: “Whilst I am excited about my new role at QBE, I am also sad to be leaving Aviva. Aviva is a great business with a bright future ahead of it. I have thoroughly enjoyed working with Mark and I wish him and everyone who works for Aviva all the best for the future.”
The search for Regan’s replacement is underway, with one inside contender Nick Amin, Wilson’s right-hand man and head of restructuring, the Telegraph reports.