Aviva Plc, the U.K.’s second-biggest insurer by market value, said Trevor Matthews, head of developed markets, will step down as Chief Executive Officer Mark Wilson made his first executive appointments.
Matthews, 60, who joined Aviva from Resolution Ltd. in 2011, will end his tenure on the board the day before its annual general meeting this year, the London-based company said today in a statement. Wilson, who took over in January, appointed David McMillan, the insurer’s transformation director, as the fifth CEO for Aviva Europe in five years. Wilson’s former AIA Group Ltd. colleague Nick Amin will replace McMillan.
Aviva is selling, winding down or turning around about two- thirds of its 58 businesses spread across three continents as the company seeks to build its capital reserves and improve profitability following the European sovereign debt crisis.
“These changes are about ensuring we have the right people in the right jobs and that we have the best possible leadership team so Aviva can achieve its undoubted potential,” Wilson said in the statement.
Matthews’s appointment from Resolution’s Friends Life unit prompted investors to request a pay review at Aviva last year after the Australian-born executive received 470,000 pounds ($736,000) in cash and 2 million pounds in shares for joining the firm. Former CEO Andrew Moss stepped down last year after investors protested a pay rise following a 59 percent share- price decline over his five-year tenure.
Matthews, who was a contender to replace Moss, wasn’t available for comment, a company spokesman said today.
Amin was “instrumental” in preparing AIA for its initial public offering in 2010 and previously worked for Cigna Asia Pacific, Aviva said in the statement.
Wilson appointed Jason Windsor, a former Morgan Stanley banker, as chief strategy and development officer and will take executive responsibility for fund-management unit Aviva Investors, working with the division’s interim CEO Paul Abberley. Windsor was previously the firm’s strategy director.
The stock rose 1.6 percent to 358.8 pence a share in London at 10:06 a.m., valuing the firm at about 10.5 billion pounds.
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