A BOARDROOM shake up at insurance company Aviva has seen finance director Pat Regan take responsibility for the group’s investment business.
As part of the management overhaul, three of Aviva’s senior executives have been ousted, as the company announced plans to strip out the “regional” layer of its management structure as it now operates in fewer countries.
Igal Mayer, Aviva’s European chief, along with head of North America Richard Hoskins and Alain Dromer, who is credited with transforming Aviva Investors, are all leaving the firm.
Regan, who has been tipped by some as the likely successor of Andrew Moss as Aviva’s chief executive, will continue as group CFO and will assume responsibility for Aviva Investors.
“Pat’s appointment is holding role,” Eamonn Flanagan, an analyst at Shore Capital who covers Aviva’s stock, told Financial Director.
Flanagan added that Regan had done well to ‘keep his nose clean’ in not being associated with the company’s under-performance.
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