The Board has asked Chairman Designate John McFarlane to become interim Executive Deputy Chairman with immediate effect and Executive Chairman from 1st July pending the appointment of a new Chief Executive Officer. The Board has asked him to maintain this executive role whilst internal and external candidates are assessed to find the very best candidate for the CEO role. It is envisaged that this process will take a number of months, at the conclusion of which he will revert to the role of non-executive Chairman.
| “We should acknowledge the progress that has been achieved under
|“Through the global financial crisis he led the consolidation of our international presence and the integration of 40 brands into the very powerful single Aviva brand. He reduced the cost base, improved operational performance and more recently began the implementation of the strategic focus, with the sale of RAC, the deconsolidation of Delta Lloyd and a number of overseas disposals.”|
In regard to John McFarlane’s additional responsibilities,
|“Aviva’s shareholders are in very good hands. His leadership and shareholder credentials are impeccable having transformed ANZ during his tenure as CEO, as well as making a significant contribution to the improvement in shareholder value at Standard Chartered prior to that.”|
|“Aviva is a leading company in the insurance sector and I’m excited to play a pivotal role in its transformation and future. I feel I can make a real difference. My first priorities are to regain the respect of our shareholders by eliminating the discount in our share price and to find internally or externally the very best leader to be our future CEO. I will meet all of the major investors over the coming days and weeks.”|
Focus: An in-depth thorough review of all Aviva’s businesses and investments to ensure we are focused on attractive segments, that have a meaningful market position, where can generate superior returns over the cycle, and where we are confident of success.
Financial Strength: Build the capital and financial resources of the Group to ensure we achieve and maintain financial strength. In addition we will implement a more dynamic reallocation of the group’s capital resources to improve return and reduce risk.
Performance: Creating value through a profit improvement programme seeking revenue growth where available. However, in the light of the subdued nature of our major markets, there is a need for tighter capital allocation, expense and risk discipline, and leveraging technology to greater advantage.
Stakeholders: Improving the service to our customers, advancing and developing talent and leadership in our people, building the trust in which Aviva is held by shareholders, business partners, regulators and the communities where we operate.
The investor presentation scheduled for 24th May will be postponed until after the Board’s annual strategy meeting in June but will take place before the group’s interim results.
The recently announced new Group Executive Committee and streamlined structure is unaffected. Given the imperative of improving financial performance,
|“We fully recognise the challenges in some of our markets and businesses but I do believe Aviva has a great future. We have a strong brand, dedicated people, a solid business foundation and we are well-positioned for the journey ahead.”|
John McFarlane’s executive appointment is subject to regulatory approval.
Notes to editors
After five years with Ford, McFarlane entered banking in 1975, and spent 18 years with
ANZ is one of
He is also a former President of the
- Aviva provides 43 million customers with insurance, savings and investment products.
- We are the UK’s largest insurer and one of Europe’s leading providers of life and general insurance.
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- 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.
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|Copyright:||Copyright Business Wire 2012|
|Source:||Business Wire, Inc.|