Aviva chief executive Wilson steps down

Aviva chief executive Mark Wilson has agreed to step down from his role with immediate affect.

The move will allow the group to begin its “next stage of development” and will see a new chief executive join in April next year.

Wilson was brought in to Aviva in 2013 from insurer AIA. Aviva said this morning that its next chief executive may also be an external appointment.

Wilson will stay with Aviva for a further six months to aid in a handover, with non-executive chair Adrian Montague assuming executive responsibilities until a new appointment has been made.

Montague says:” [Mark] leaves the group in a far stronger state than when he joined. Aviva is now financially strong and delivering solid earnings growth…We have agreed with Mark this is the right time for a new leader to ensure Aviva delivers on its full potential.”

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The group is also in the middle of a £14m compensation pay out to refund investors who lost money in a preference share dispute earlier this year.

Wilson is credited with leading Aviva’s £6bn acquisition of the Friends Life Group in 2015 and leaves the group as the UK’s largest insurer with £490bn in assets under management.

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Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. Are you really surprised? In the 5 years to 1st Oct Aviva made 18% – that’s a compound annual return of 3.5%.

    Their main competitor – L&G made 31% over the same period (5.6% compound) still not great, but 72% ahead of Aviva.

    And Wilson gets a huge payoff. What for?

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