Aviva CEO steps down
Aviva CEO Mark Wilson is stepping down and a search for a successor has been started.
Wilson will remain with the group until April 2019 and will assist with the planned and orderly transition. The search for a successor will commence immediately, with internal and external candidates being considered. The process is expected to be completed within the next four months.
Wilson became CEO of Aviva in January 2013. He was brought in to deliver the turnaround of Aviva. The board and Wilson believe that given the turnaround has been successfully completed, it is time for new leadership to take the group to the next phase of its development.
Aviva is on track to deliver its target of operating earnings per share growth of greater than 5 percent in 2018 and to achieve a dividend payout ratio of 55-60 percent of operating earnings per share by 2020, according to the corporate statement.
During the transition period the board of Aviva has asked Adrian Montague, currently non-executive chairman of Aviva, to assume executive responsibilities and lead a chairman’s committee of the three executive directors: Andy Briggs (CEO, UK Insurance), Thomas Stoddard (chief financial officer) and Maurice Tulloch (CEO, International Insurance).
After the appointment of the new CEO, Montague will revert to the role of non-executive chairman of Aviva. There will be no changes in the terms and conditions of any directors.
Montague said: “The board would like to thank Mark for what he has achieved in his six years at Aviva. He leaves the group in a far stronger state than when he joined. Aviva is now financially strong and delivering solid earnings growth.
“There is much further to go in accelerating our strategic development and enhancing shareholder value. We have agreed with Mark this is the right time for a new leader to ensure Aviva delivers to its full potential. Our priority is to ensure, with our new chief executive, that we have the right strategy, focus, capabilities and leadership. I am confident we will deliver long term growth for the benefit of our customers, our people and our shareholders.”
Wilson said: “When I joined Aviva, the company was in poor health. Aviva is very different today. I have achieved what I wanted to achieve and now it’s time for me to move on to new things. It has been an honour to lead Aviva through this period of immense change. I am happy I leave the company in a strong position from which it can thrive. I would like to thank all those within and outside Aviva who have supported the successful turnaround and I wish everyone in Aviva the very best for the future.”
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