Aviva chief executive Andrew Moss has stepped down with immediate effect following last week’s shareholder rebellion over executive pay.
Chairman designate John McFarlane becomes interim executive deputy chairman and from July 1 will be made executive chairman while a new chief executive is found.
Once a new chief executive is appointed, a process the firm says will take a number of months, McFarlane will become non-executive chairman.
Aviva says a further announcement will be made to confirm the financial terms of Moss’ departure and date of leaving.
Last week, Aviva lost a vote on executive pay at its annual general meeting.
According to the BBC, 54 per cent voted against the remuneration report at the AGM.
Chief executive Andrew Moss agreed to waive a pay rise that would bring his salary to over £1m as part of a move to quell shareholder anger given the performance of the firm’s shares.
However, this was not seen as enough and shareholder anger was heightened after news broke that UK chief executive Trevor Matthews would receive a £45,000 bonus for only one month’s work.
Aviva chief executive Andrew Moss hit the headlines in 2009 after admitting to having an affair with a member of staff who was also wife of the head of human resources.