Aviva PLC (AV.) - Directorate Change
RNS Number : 5840R
20 November 2012
20 November 2012
AVIVAAPPOINTSMARK WILSON ASCHIEF EXECUTIVE OFFICER
Aviva plc ("Aviva" or the "Company") today announces that Mark Wilson will
join the Board of the Company on 1st December 2012 andbecome Chief Executive
Officereffective 1stJanuary 2013.
John McFarlane, Chairman of Aviva, who has been acting in an executive
capacity pending the appointment of a CEO, will become non-executive Chairman
on 1st January 2013.
Mark was Chief Executive Officer and President of AIA Group, one of the
world's leading insurance companies. During his tenure at AIA, between 2006
and 2010, he transformed AIA with the company emerging as a strong and more
valuable independent business. Against the backdrop of the global financial
crisis, he generated significant shareholder value and prepared the company
for IPO, increasing its value to $36 billion at the time of listing. AIA today
has a market capitalisation in excess of $46 billion.
Mark has over twenty-fiveyears' experiencein the insurance industryacross
life and generalinsurance as well asasset management in both mature
and emerging markets.Since leaving AIA, Mark has been involved in private
equity withBlackstone and other private equity firms.
John McFarlane,Chairmanof Aviva, said:
"I am delighted we have secured Mark for Aviva. His 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.
"His appointment follows a comprehensive global search process which produced
a shortlist of exceptional internal and external candidates.
"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.
"Mark inherits a professional management team at Aviva which has over the past
few months generated new momentum. I would particularly like to take this
opportunity of thanking Pat Regan and the other members of the team for this
achievement and the support that they have given me."
Mark Wilson said:
"It is aprivilege to lead Aviva, an organisation with such a rich legacy
andpedigreeand many talented and dedicated people. It is acknowledged that
over recent yearsthe Company has not performed to its potential. The
Chairman, John McFarlane,and the Board have articulatedthe first stage of
the strategy that addresses the immediate issues and I look forward to
continue working closely with the Board on these priorities. The Company will
initially be judged on the execution of that strategy andI intend to pursue
the execution with rigour and focus.
"My first task will be to listen to Aviva's stakeholders, including
customers,shareholders, staff and regulators and ascertainthe key
concernsand opportunities that face the business. There issubstantial work
to do. I am looking forward to taking up this appointment and excited about
the future prospects for Aviva."
Nigel Prideaux +44 (0)20 76620215
Andrew Reid +44 (0)20 7662 3131
Charles Barrows +44 (0)20 7662 8115
Mark Wilson will receive a basic annual salary of £980,000. He willreceivean
annual bonus opportunity for 2013, that will pay up to a maximum of 150% of
salary, subject to strict performance conditions and the requirement to defer
two thirds of any award made into Aviva stock for a further three years.
Mr Wilson will be eligible for the grant of an award under Aviva's Long Term
Incentive Plan for 2013 of 300% of basic salary. The long term incentive plan
awards are made annually at thediscretionof theRemunerationCommitteeup to
a maximum of 350% of basic annual salary. Awards granted under the Long Term
Incentive Plan vest after three years and only if specific shareholder return
targets are met.
Mr Wilson will be required to build a shareholding in Aviva to the value of
200% of his basic salary and will be required to retain 50% of the net share
releases from hisdeferredbonus and long term incentive awards until this
requirement is met.
Mr Wilson will notreceiveany 'Buyout' compensation for previous reward
arrangements. In addition Mr Wilson will receive the standard Aviva executive
benefits package and assistance with relocation, details of which will be
disclosed in the normal way.
John McFarlane elected not toreceiveany increase in fees for the duration
that he has been performing the duties of executive Chairman and his fee will
remained unchanged when he reverts to the role of non-executive Chairman on
1st January 2013.
Biographical information onMark Wilson
Mark Wilson has extensive experience leading major international insurance
companies, across life insurance, general insurance and asset management in
mature and emergingmarkets.
Most recently Mark was Chief Executive Officer and President of AIA Group, the
fifth largest insurance group in the world.
During his tenure at AIAbetween 2006and 2010, Mark repositionedAIA to
become the leading pan-Asian insurance company, improving its market
valuationto $36 billion at IPO. AIA todayhas a market capitalisation in
excess of $46 billion.
Mark successfully navigated AIA through the global financial crisis and
prepared it for IPO with the company emerging as a stronger and significantly
more valuable independent entity.
He led the transformationstrategy, Fast Forward,which rebranded all
companies to AIA,broadened AIA's distribution to a multi-channel
model,anddelivered a new customer centric approach to service, across both
life and general insurance.Non-performingor capital intensive
businesseswere turned round or disposed of. Theproduct
portfoliowasre-priced, solvency ratios improved and expenses substantially
reduced to be redirected into transformational growth initiatives. He also
led the transformationof AIA's culture by removing silos and embedding a
consistent set of values and approachacross the company.
Prior to AIA, Mark was CEO of AXA China Region Limited, AXA's Hong Kong
business, between 2003 and 2006 with a brief to invigorate a mature business
with a flagging market position. Mark was responsible for a significant
improvement in the business's financial returns, expanding distribution and
increasing operating profit. He also integrated the aquired MLC businesses
into AXA, adding immediate value by substantially reducing operating costs.
Prior to that from2001to2003,Mark was CEO of AXA Asia Pacific Holdings
Limited, AXA's South East Asian business, leading AXA's presence in five
countries.In this role he developed and executed an acquisition of Bank
Mandiri's Indonesian insurance subsidiary to form an insurance JV with the
bank which generated substantial shareholdervalueover five years and enabled
AXA to become a leader in the fast growing Indonesian market.
For the first twelve years of his career, between 1987 and 1999, Mark held a
number of roles at National Mutual in New Zealand and Australia, where he
progressed through manyof the major business functions, gaining a deep and
broad knowledge of the businesses in these mature markets.
A New Zealander, Mark (46)has aBachelorof Management Studies
fromtheUniversity of Waikato. He is married with three children and his
interests include fitness, sport, music and fishing.
Notes to editors:
· In accordance with paragraph LR 9.6.13R of the listing rules, Aviva
confirms there is no information to be disclosed in terms of LR 9.6.13R (2) to
LR 9.6.13R (6) inclusive in respect of Mark Wilson.
· Mark Wilson was previously Group Chief Executive Officer & President,
AIA Group Limited.
· At the date of this announcement, Mark Wilsonhas no beneficial
interests in ordinary shares of Aviva.
· Mark Wilson'sappointment has been approved by the Financial Services
· Aviva provides 43 million customers with insurance, savings and
· We are the UK's largest insurer and one of Europe's leading providers
of life and general insurance.
· We combine strong life insurance, general insurance and asset
management businesses under one powerful brand.
· We are committed to serving our customers well in order to build a
stronger, sustainable business, which makes a positive contribution to
society, and for which our people are proud to work.
· The Aviva media centre at www.aviva.com/media includes images, company
and product information and a news release archive
· A photograph of Mark Wilsonis available at
· Follow us on twitter: www.twitter.com/avivaplc
This information is provided by RNS
The company news service from the London Stock Exchange
BOADMMZMZGRGZZM -0- Nov/20/2012 12:52 GMT
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