Aviva boss steps down amid pay row

The boss of Aviva, the UK’s largest insurer, is to step down with immediate effect, the company said today, as shareholder anger claimed the scalp of another City executive.

The boss of Aviva, the UK’s largest insurer, is to step down with immediate effect, the company said today, as shareholder anger claimed the scalp of another City executive.

Andrew Moss, who has been chief executive since 2007, will leave after more than half of shareholder votes failed to back the firm’s remuneration report at its annual meeting last week, which was widely seen as a criticism of Mr Moss’s performance.

The Oxford graduate offered to waive a near-5% pay rise which would have taken his annual salary over the £1m mark but this was not enough to appease investors, who have been hit by a 30% drop in the share price in the last year.

Mr Moss, who was embroiled in an affair scandal in 2009, will be replaced on an interim basis by incoming chairman John McFarlane, who will become executive deputy chairman with immediate effect and executive chairman from July 1.

 

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