Aviva, the savings, investments and insurance group, has announced that Gerardo Aróstegui has decided to step down after 23 years as the head of Aviva's businesses in Spain.
Aviva, the savings, investments and insurance group, has announced that Gerardo Aróstegui has decided to step down after 23 years as the head of Aviva's businesses in Spain.
Aróstegui, 58, will step down by the end of the year and will be succeeded by David Angulo, 37, who is currently insurance division director at Abbey, part of Grupo Santander. Angulo previously held senior management roles at Aegon, including deputy managing director of Aegon's Spanish life operation, and was manager of Bankinter's corporate banking division prior to that.
Angulo will join Aviva on October 1 and will become CEO of Aviva Spain at the beginning of 2008.
Speaking about his decision to step down, Aróstegui said: "My decision has been thoroughly and consciously thought through and is based upon my firm belief that, after 23 years as Aviva Spain's CEO, the time has come for a generational change.
"Aviva Spain is in the optimal position to embrace this change: we are in a market-leading position in the Spanish life and pensions market, have a successful business model and provide a consistently high value contribution to Aviva. This is a perfect point for a young and eager person to succeed me, and David is undoubtedly the right man for that role."
Tidjane Thiam, group executive director Aviva Europe, paid tribute to the part Aróstegui has played in the growth of Aviva Spain: ''Gerardo has made an extraordinary contribution to the development of Aviva in Spain, creating one of our key business units.
"He has been a true role model in terms of his skills and values. Throughout his career Gerardo has combined exceptional competence, professionalism and dedication with a keen understanding of human relationships. He has not only been a very positive influence in the success our businesses, but also in the lives and careers of all those who've had the privilege of working with him. I wish him a very happy and well-deserved retirement.
"David will take over an outstanding business and, given his excellent track record, I'm confident that our business in Spain will continue to thrive under his leadership."
-ends-
Enquiries:
Media
Hayley Stimpson
director of external affairs
+44 (0)20 7662 7544
Sue Winston
head of group media relations
+44 (0)20 7662 8221
Vanessa Rhodes
group media relations manager
+44 (0)20 7662 2482
James Murgatroyd/Ed Simpkins
Finsbury
+44 (0)207 251 3801
Analysts
Charles Barrows
investor relations director
+44 (0)20 7662 8115
Amanda Wilbraham
senior manager, investor relations
+44 (0)20 7662 2111
Notes to editors:
- A photograph of David Angulo is available from the online media centre at /index.asp?PageID=60&imageid=815
- Aviva Spain is a leading group in the life and pensions field, marketing products through a direct sales force network (Aviva Vida y Pensiones) and strategic alliances with some of Spain's main savings banks (Bancaja, Caixa Galicia, Unicaja, Caja España, CajaGranada and Cajamurcia).
- Aviva is the leading provider of life and pensions to Europe with substantial positions in other markets around the world, making it the world's fifth largest insurance group based on gross worldwide premiums at 31 December 2006.
- Aviva's principal business activities are long-term savings, fund management and general insurance, with worldwide total sales of £41.5 billion and assets under management of £364 billion at 31 December 2006.
- The Aviva media centre at www.aviva.com/media includes images, company and product information and a news release archive.