Aviva has appointed Mark Wilson as chief executive.
Wilson (pictured), who was previously chief executive and president of AIA group, replaces Andrew Moss, who left the insurance firm in May.
He will join the Aviva board on 1 December and become chief executive on 1 January.
Wilson will receive a basic salary of £980,000.
He will also be eligible for an annual bonus for 2013 worth up to 150 per cent of salary. Aviva says this bonus payment is subject to “strict performance conditions” and the requirement to defer two thirds of any award made into Aviva stock for a further three years.
In addition, Wilson will be eligible for the grant of an award under Aviva’s long term incentive plan for 2013 of 300 per cent of basic salary.
Aviva says long term incentive plan awards are made annually at the discretion of the remuneration committee, up to a maximum of 350 per cent of basic annual salary. Awards granted under the plan vest after three years and only if specific shareholder return targets are met.
Aviva chairman John McFarlane says: “Mark’s leadership credentials are incredibly strong. He has an outstanding track record of leading a major insurer, of transforming its performance and culture, of implementing a growth agenda and of producing significant shareholder value, all of which are essential for Aviva’s success going forward.
“Mark has operated in both developed and emerging markets. At AIA, Mark faced similar challenges to Aviva today. He navigated the company through the global financial crisis, narrowed the focus of the company, sold non-core businesses, turned round non- performing segments, and reduced risks and costs. From that foundation he implemented a successful revenue growth strategy.
“The decision to appoint Mark was unanimous and I am confident he will not only execute the initial agenda currently in progress, but also steer the group forward successfully over the medium term.”