Arab Today, arab today aviva picks new zealander to head british insurer
Last Updated : GMT 16:37:07
Arab Today, arab today
Arab Today, arab today

Aviva picks New Zealander to head British insurer

Arab Today, arab today

Arab Today, arab today Aviva picks New Zealander to head British insurer

London - AFP

Troubled British insurer Aviva on Tuesday said it had appointed an outsider, sector heavyweight Mark Wilson to be its new chief executive and carry the group forward following recent shareholder and economic turbulence. The 46-year-old New Zealander and former chief executive of Asian insurance giant AIA, replaces Andrew Moss, who in May quit as head of Aviva -- Britain\'s second biggest insurer after Prudential -- amid a shareholder revolt over his pay. Wilson takes up his new post on January 1, 2013 after joining the board at the start of December, Aviva said in a statement. Most recently, he has been involved in the private equity sector, notably with US group Blackstone. \"I am delighted we have secured Mark for Aviva. His leadership credentials are incredibly strong,\" said group chairman John McFarlane, who had assumed executive duties following Moss\' surprise departure. \"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.\" Wilson, with a 25-year career in insurance behind him, was chief executive of AIA Group -- the Asian division of US insurer AIG -- between 2006 and 2010, during which time Prudential failed in an attempt to buy AIA for $35.5 billion. In the wake of the collapsed Prudential deal in 2010, Wilson also oversaw preparations for AIA Group\'s partial stock market flotation, which raised $20.5 billion in a monster Hong Kong share sale later that year. In May 2012, meanwhile, Moss sensationally resigned as Aviva chief executive amid spreading shareholder revolts over pay for top managers deemed as underperforming. \"My first task will be to listen to Aviva\'s stakeholders, including customers, shareholders, staff and regulators and ascertain the key concerns and opportunities that face the business,\" Wilson said in Tuesday\'s statement. \"There is substantial work to do. I am looking forward to taking up this appointment and excited about the future prospects for Aviva.\" Wilson, who is married with three children, will receive a basic annual salary of £980,000 ($1.56 million, 1.24 million euros). He will also have the opportunity to earn a 2013 bonus worth up to a maximum of 150 percent of his 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.\" Following the resignation of Moss, Aviva announced plans in July to withdraw from 16 non-core business areas and unveiled senior management changes following a major strategic review that was aimed at strengthening its capital base. Aviva is lagging behind Prudential, which recently posted soaring sales on the back of growth in Asia and despite a turbulent global economic backdrop. \"It is a privilege to lead Aviva... It is acknowledged that over recent years the company has not performed to its potential,\" added Wilson. In reaction to his appointment, Aviva\'s share price jumped 1.12 percent to 334.90 pence on London\'s benchmark FTSE 100 index of top companies, which was up 0.13 percent at 5,744.95 points nearing the close. Atif Latif, director of trading at Guardian Stockbrokers in London, described Wilson as a \"credible replacement that will be well received by the market.\" He added: \"His experience is well suited to the new management strategy with a strong focus on the Asian and European markets that will appease investors.\" Earlier this year, a raft of top British companies faced a wave of investor activism as shareholders rebelled over high boardroom pay amid underperformance in the poor economic climate -- and state moves to clamp down on corporate greed. Moss resigned on May 8 after five years at the helm of the insurance group, and after becoming the latest victim of what analysts called the \"shareholder spring\".

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today aviva picks new zealander to head british insurer Arab Today, arab today aviva picks new zealander to head british insurer

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars
View News in Arabic - Business: أخبار الشركات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Reasons for the delay 'On the Stairs of Servants'

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday