ANDREW MOSS has been ousted as chief executive of Aviva days after shareholders revolted against the insurer’s pay policies at its annual general meeting last week.
Incoming chairman John McFarlane has been installed as executive deputy chairman with immediate effect and as executive chairman from July 1 until a successor is found.
After suffering one of the largest shareholder pay revolts in corporate history, Moss has become the latest City scalp to be claimed by the recent spate of shareholder uprisings against executive pay following the departures of Trinity Mirror’s Sly Bailey and AstraZeneca’s David Brennan.
Aviva’s CFO Pat Regan, who last month assumed responsibility for the group’s investment business as part of a boardroom shake-up, has long been tipped as the likely successor of Moss.
The insurer said that Regan has been asked to play a ‘pivotal’ role along with McFarlane in improving Aviva’s financial performance in four key areas which include building the group’s capital and financial resources and implementing a profit improvement programme.
The investor presentation scheduled for 24 May will be postponed until after the board’s annual strategy meeting in June. McFarlane and Regan will lead the rescheduled presentation.
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