Andrew Moss has announced his resignation, with immediate effect, as CEO of Aviva, the UK’s largest insurance group. The move comes five days after his salary figures were rejected at the annual general meeting of shareholders. He will also “leave the Board shortly and a further announcement will be made to confirm the financial terms of his departure and date of leaving,” the company said.
Aviva said its Board has asked Chairman Designate John McFarlane to become interim Executive Deputy Chairman with immediate effect. As of July first he will become Executive Chairman pending the appointment of a new CEO.
The Board has asked him to maintain this executive role while ” internal and external candidates are assessed to find the very best candidate for the CEO role. It is envisaged that this process will take a number of months, at the conclusion of which he will revert to the role of non-executive Chairman.”
The bulletin also noted that Aviva’s Chairman Lord Sharman “confirmed that Andrew Moss had approached him with the decision that he felt it was in the best interests of the company that he step aside to make way for new leadership. He has offered to assist in any way he can to ensure a smooth transition.”
In regard to John McFarlane’s additional responsibilities, Lord Sharman stated:
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