AVIVA chief executive Mark Wilson is stepping down with a £6.5million payoff after his six years at the helm failed to translate into improved shareholder returns.
The insurance giant said it had agreed with Mr Wilson that ‘this is the right time for a new leader to ensure Aviva delivers to its full potential’.
He will be replaced temporarily by chairman Sir Adrian Montague while a permanent successor is appointed.
‘There is much further to go in accelerating our strategic development and enhancing shareholder value,’ Sir Adrian said. Mr Wilson will remain at the group until April to help with the transition, aided by a ‘chairman’s committee’ of senior executives.
His package includes a minimum of one year’s salary, three years’ annual bonuses, legal fees and other benefits.
Mr Wilson, who was appointed in January 2013, said the company was in ‘poor health’ when he joined it. He added: ‘I am happy I leave the company in a strong position from which it can thrive.’