Aviva chief exec steps down

Aviva chief exec steps down

Andrew Moss resigns from role with immediate effect

Andrew Moss is stepping down from his role as chief executive officer of Aviva with immediate effect.

Chairman designate John McFarlane will immediately assume his duties as interim executive deputy chairman, and then as executive chairman from July 1, until a replacement is found.

The appointment process is expected to take several months, at the end of which McFarlane will revert to the role of non-executive chairman.

Moss (pictured) will leave the Aviva group at the end of May.

Lord Sharman, chairman of Aviva, said Moss had approached him to say he felt it was in the best interests of the company that he step down to make way for new leadership.

Lord Sharman said: “We should acknowledge the progress that has been achieved under Andrew Moss's leadership. Through the global financial crisis he led the consolidation of our international presence and the integration of 40 brands into the very powerful single Aviva brand.

“He reduced the cost base, improved operational performance and more recently began the implementation of the strategic focus, with the sale of RAC, the deconsolidation of Delta Lloyd and a number of overseas disposals.”

McFarlane added: “Aviva is a leading company in the insurance sector and I’m excited to play a pivotal role in its transformation and future. I feel I can make a real difference.

“My first priorities are to regain the respect of our shareholders by eliminating the discount in our share price and to find internally or externally the very best leader to be our future CEO. I will meet all of the major investors over the coming days and weeks.”

To assist McFarlane in his new responsibilities, Kirsty Cooper, group company secretary and general counsel at Aviva, will head the office of the chairman in addition to her existing role.