Oct 9, 2018

Aviva chief to depart as insurer says new leadership needed

Aviva is parting with its chief executive, Mark Wilson, after almost six years, citing a need for "New leadership to take the group to the next phase of its development" after its shares underperformed in recent years. The FTSE 100 insurer said on Tuesday it had agreed with Mr Wilson, who took the helm in January 2013, that he would step down with immediate effect, but that he would remain with Aviva until April to "Assist with the planned and orderly transition". "Mark was brought in to deliver the turnaround of Aviva. The board and Mark believe that given the turnaround has been successfully completed, it is time for new leadership to take the group to the next phase of its development," Aviva said. "We have agreed with Mark this is the right time for a new leader to ensure Aviva delivers to its full potential," Sir Adrian said in a statement. Mr Wilson, who led the company's £5.6bn takeover of rival Friends Life two years ago, said: "When I joined Aviva, the company was in poor health. Aviva is very different today. I have achieved what I wanted to achieve and now it's time for me to move on to new things."

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