Aviva is set to name John McFarlane as its new chairman, according to reports.
McFarlane is expected to take up the role of non-executive chairman within the next few weeks, The Telegraph says he will officially replace Lord Sharman as chairman early next year.
Lord Sharman’s current term as chairman concludes next year and it is reported that Aviva began searching for its replacement late last year after leaks that he would step down from the role.
Lord Sharman has been chairman at Aviva since 2006.
It is understood that McFarlane’s name was given to the FSA for regulatory approval last week, however it may take up to a fortnight for Aviva to get approval.
McFarlane is known for his time at the Australia and New Zealand banking Group. He is yet to formally accept the role. He is currently the non-executive director of Royal Bank of Scotland. He has also been group executive director of Standard Chartered, the head of Citygroup’s UK and Irish business and also held the role of director of the London Stock Exchange.
Aviva has been hit with a number of shock departures in recent weeks, notably that of UK chief executive Mark Hodges. Hodges is being replaced by former Friends Life chief executive Trevor Matthews.