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Daily Insurance Industry News
Tuesday 14th of August 2018
May 8, 2012

Aviva’s Andrew Moss steps down over pay row

by Gill Montia

Story link: Aviva’s Andrew Moss steps down over pay row

Aviva’s Andrew Moss steps down over pay row

Aviva has announced that Andrew Moss is stepping down and has ceased to be chief executive officer with immediate effect.

Last week, Mr Moss declined a pay increase for 2012, Aviva’s board having heeded a number of concerns raised by shareholders regarding its latest remuneration report.

The group’s chairman designate, John McFarlane, has been named interim executive deputy chairman and executive chairman from 1st July, pending the appointment of a new chief executive officer.

John McFarlane will immediately assume the task of improving the delivery of shareholder value by the group and has announced a new set of priorities for Aviva as follows:

Focus: An in-depth thorough review of all Aviva’s businesses and investments to ensure we are focused on attractive segments, that have a meaningful market position, where can generate superior returns over the cycle, and where we are confident of success.

Financial Strength: Build the capital and financial resources of the Group to ensure we achieve and maintain financial strength. In addition we will implement a more dynamic reallocation of the group’s capital resources to improve return and reduce risk.

Performance: Creating value through a profit improvement programme seeking revenue growth where available.

However, in the light of the subdued nature of our major markets, there is a need for tighter capital allocation, expense and risk discipline, and leveraging technology to greater advantage.

Stakeholders: Improving the service to our customers, advancing and developing talent and leadership in our people, building the trust in which Aviva is held by shareholders, business partners, regulators and the communities where we operate.

A further announcement confirming the financial terms of Mr Moss’s departure and date of leaving will be made shortly.

 

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