Aviva Plc named Blackstone Group LP’s Tom Stoddard chief financial officer after its previous finance head decided to leave company for an Australian insurer.
Stoddard, Blackstone’s head of global financial institutions advisory, will become Aviva’s CFO on May 5, the London-based insurer said in a statement today. He has been a corporate adviser to Aviva since the start of 2013.
The appointment follows last month’s resignation of Pat Regan, who stepped down to take a similar role at Sydney-based QBE Insurance Group Ltd. Chief Executive Officer Mark Wilson has changed at least half the board, including the head of Aviva’s Asia unit, since he replaced Andrew Moss last year.
“We take comfort from the fact that the candidate will arrive from outside the group, bringing fresh insight to the board,” Societe Generale SA analysts Abid Hussain and Nick Holmes wrote in a note to clients. “This means a significant number of the executives present now on the board were not part of the previous CEO’s regime.”
Regan, 48, will give up 1.3 million Aviva shares due to him as incentive pay when he leaves and relinquish rights to an additional 254,441 shares granted through his bonus plan, the insurer said in a separate statement. He will receive salary, pension contributions and other benefits until he leaves.
Moss resigned as CEO in 2012 after a shareholder revolt over pay and strategy.