Aviva plc is today announcing changes to its senior management.
Following the recent appointment of Maurice Tulloch as Aviva’s CEO, the Board of Aviva and Andy Briggs have decided that Andy will step down as CEO UK Insurance and as a Director of Aviva plc from today. Andy will remain with the Group until 23 October 2019 to support an orderly transition.
Andy joined the Board of Aviva in April 2015 to lead Aviva’s enlarged UK Life business following the acquisition of Friends Life where he was Group Chief Executive.
Since then Andy has brought together the businesses in the UK, built a strong leadership team and delivered solid financial results. During this time, Andy has also played an important role as Chair of the Association of British Insurers and the Government Business Champion for Older Workers.
Details of Andy Briggs’ remuneration can be found at the end of this announcement.
Angela Darlington, currently Aviva’s Group Chief Risk Officer, will become interim CEO of UK Insurance. Angela joined Aviva in 2001 and has extensive experience of the UK business, including as Chief Risk Officer of UK Life and has held a number of senior finance and actuarial roles. This appointment is subject to regulatory approval.
Under Andy’s leadership Aviva has made substantial progress in the UK over the last four years, integrating Friends Life and consolidating its position as the UK’s leading insurer. With Andy moving on, Maurice Tulloch will lead a review of the UK businesses to ensure the appropriate management structure to build on that success for the future.
Maurice Tulloch will bring more business unit leaders on to the Group’s senior leadership team in order to broaden it.
Colm Holmes, CEO of Aviva Canada and Global Corporate & Speciality, and Patrick Dixneuf, who becomes CEO of Aviva’s European businesses and remains as CEO of Aviva France, will join Aviva’s Leadership Team.
As a result, Aviva will not seek to appoint a new CEO International (the role filled by Maurice Tulloch before he became Group CEO).
Maurice Tulloch, Chief Executive Officer of Aviva, said:
These appointments are an important first step to bring greater energy, pace and commercial thinking to Aviva.
Andy Briggs will be missed. Andy is a brilliant leader and a good friend. Aviva has benefited enormously from his extensive industry experience and his integrity and we wish him well for the future. I look forward to working with him during the transitionary period.
Sir Adrian Montague, Chairman of Aviva, said:
“Andy has made a great contribution to Aviva’s business since he joined the Group following the acquisition of Friends Life in 2015. On behalf of the Board, I would like to pay particular tribute to Andy for his conduct throughout the process to select a new CEO and afterwards, and Andy will leave with our best wishes for his future career.”
You can download images of our management team from Flickr.
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As required by section 430(2B) of the Companies Act 2006, details of the remuneration payments made to or to be made to Andy Briggs are set out below.
Salary and benefits
Andy Briggs will serve six months notice with effect from 24 April 2019 and will be placed on garden leave from 30 April 2019. During this period he will continue to receive his salary, and contractual benefits. Andy Briggs’ employment will therefore terminate on 23 October 2019 (the “Termination Date”).
Other terms agreed with Andy Briggs, which were the subject of careful consideration by the Remuneration Committee and are in line with the Company’s Remuneration Policy which was approved by shareholders at the 2018 AGM, are as follows:
Andy Briggs will be eligible for a pro-rated bonus in respect of the 2019 financial year to reflect the portion of the year prior to the commencement of garden leave. The bonus will be determined on the normal timetable.
Andy Briggs will be treated as a good leaver under the Aviva plc Annual Bonus Plan (“ABP”) and Long-Term Incentive Plan (“LTIP”) in accordance with the plan rules. The details of the treatment agreed is set out in the below table and all outstanding awards will remain subject to malus and clawback provisions for five years from the date of grant.
Andy Briggs’ outstanding options under Aviva’s Save-As-You-Earn and Matching Share Plans will be treated in accordance with Plan rules in line with all other employees, which follow the legislation and HMRC guidance for tax advantaged plans in the UK.
Type of Award
Due to vest in March 2020
Due to vest in March 2021
Due to vest in three annual equal tranches on 27 March 2020, 26 March 2021 and 25 March 2022 in acordance with the Remuneration Policy approved in May 2018
Pro rated position: 259,747
Due to vest in March 2020 (subject to performance testing)
Pro rated position: 164,808
Due to vest in March 2021 (subject to performance testing)
Pro rated position: 78,096
All outstanding awards lapse
Note: LTIP awards will remain subject to performance and will be be further reduced if group performance targets are not achieved. For example, payouts for the 2015 and 2016 LTIP vestings were 37% and 50% respectively.
- The relevant remuneration details relating to Andy Briggs, including information on the vesting of any outstanding awards detailed above and the dividend equivalents payable on them, will be included in the Directors' Remuneration Report in the Annual Report and Accounts.
- With Andy Briggs stepping down from the Aviva plc Board, Resolution 6 in the Notice of 2019 Annual General Meeting (AGM) to re-elect Andy Briggs as a Director of the Company will be withdrawn, and this Resolution will not be put to the vote at the AGM.
Notes to editors
- Aviva provides life insurance, general insurance, health insurance and asset management to 33 million customers.
- In the UK we are the leading insurer serving one in every four households and have strong businesses in selected markets in Europe, Asia and Canada. Our shares are listed on the London Stock Exchange and we are a member of the FTSE100 index.
- Aviva’s asset management business, Aviva Investors, provides asset management services to both Aviva and external clients, and currently manages over £331 billion in assets. Total group assets under management at Aviva group are £470 billion.
- Aviva helps people save for the future and manage the risks of everyday life; last year we paid £32.9 billion in claims and benefits on behalf of our 33 million customers.
- By serving our customers well, we are building a business which is strong and sustainable, which our people are proud to work for, and which makes a positive contribution to society.
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