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Tom Stoddard steps down as Chief Financial Officer of Aviva plc

Aviva plc (“Aviva” or “the group”) announces that the Board of Aviva and Tom Stoddard have decided that Tom Stoddard will step down as Chief Financial Officer and as a Director of Aviva from 30 June 2019.  Tom Stoddard will remain with the Group until 31 December 2019 to support an orderly transition. 

Image of Tom Stoddard, Chief Executive of Aviva plc and Jason Windsor Interim Chief Executive of Aviva plc (subject to regulatory approval)
Tom Stoddard will step down as Chief Financial Officer. Jason Windsor will become interim Chief Financial Officer (subject to regulatory approval).

Jason Windsor, currently Chief Financial Officer of Aviva UK Insurance, will become interim Chief Financial Officer on 1 July 2019.  Jason joined Aviva in 2010 and has extensive experience of the group, including as Chief Capital and Investments Officer, and as a member of the Group Executive. This appointment is subject to regulatory approval.

Tom is a tremendous leader and has played a major role in delivering Aviva’s financial turnaround, significantly strengthening the group’s capital position.  After five successful years at Aviva, he leaves with my best wishes and those of Aviva’s Board.
Maurice Tulloch, Group Chief Executive Officer, Aviva plc
Whilst I will miss all the friends I have made here, Aviva has a strong finance team, and it is now time for me to clear the way for others to step up, as I consider new opportunities. Aviva is in a strong financial position with a bright future ahead of it.  I have thoroughly enjoyed working with Maurice and I wish him, Jason, and everyone who works for Aviva all the best for the future.
Tom Stoddard, Chief Financial Officer, Aviva plc

 - Ends -

Enquiries

Media

Nigel Prideaux
+44 (0)7800 694425

Andrew Reid
+44 (0)7800 694276

Investors and analysts

Chris Esson
+44 (0)20 7662 8115

Diane Michelberger
+44 (0)20 7662 0911

As required by section 430(2B) of the Companies Act 2006, details of the remuneration payments made to or to be made to Tom Stoddard are set out below.

Salary and benefits

Tom Stoddard will serve six  months notice with effect from 1 July 2019 and will be placed on garden leave from 1 July 2019 to 31 December  2019. During this period he will continue to receive his salary, and contractual benefits. Tom Stoddard’s employment will therefore terminate on 31 December 2019.

Other terms agreed with Tom Stoddard, 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:

Bonus

Tom Stoddard 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 (1 January 2019 to 30 June 2019). The bonus will be determined on the normal timetable.

Share awards

Tom Stoddard 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.

Type of Award

Outstanding Awards

Treatment

2017 ABP
(relating to the 2016 financial year)

118,061

Due to vest in March 2020

2018 ABP
(relating to the 2017 financial year)

131,851

Due to vest in March 2021

2019 ABP
(relating to the 2018 financial year)

97,548

Due to vest in three annual equal tranches on 27 March 2020, 26 March 2021 and 25 March 2022 in accordance with the Remuneration Policy approved in May 2018

2017 LTIP
(in respect of performance period 2017-2019)

Pro rated position: 271,993

Due to vest in March 2020 (subject to performance testing)

2018 LTIP
(in respect of performance period 2018-2020)

Pro rated position: 181,633

Due to vest in March 2021 (subject to performance testing)

2019 LTIP
(in respect of performance period 2019-2021)

Pro rated position: 100,845

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 Tom Stoddard, 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.


Notes to editors:

  • For information on how Aviva is helping our people, customers and communities impacted by COVID-19 visit: www.aviva.com/covid-19-our-response/ 
  • Aviva is a leading international savings, retirement and insurance business. We exist to be with people when it really matters, throughout their lives – to help them make the most of life. We have been taking care of people for more than 320 years, in line with our purpose of being ‘with you today, for a better tomorrow’.
  • Our vision is to earn our customers’ trust as the best place to save for the future, navigate retirement and insure what matters most to them. In 2019, we paid £33.2 billion in claims and benefits on behalf of our 33.4 million customers.
  • We will focus on the UK, Ireland and Canada where we have leading market positions and significant potential. We will invest for growth in these markets. Our International businesses in Europe and Asia will be managed for long-term shareholder value. We will also transform our performance and improve our efficiency. Our transformation will be underpinned by managing our balance sheet prudently, reducing debt and increasing our financial resilience.
  • Total group assets under management at Aviva group are £522 billion and our Solvency II capital surplus is £12.0 billion (HY20). Our shares are listed on the London Stock Exchange and we are a member of the FTSE 100 index.
  • For more details on what we do, our business and how we help our customers, visit www.aviva.com/about-us 
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