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.
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.
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.
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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 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:
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.
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
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 accordance with the Remuneration Policy approved in May 2018
Pro rated position: 271,993
Due to vest in March 2020 (subject to performance testing)
Pro rated position: 181,633
Due to vest in March 2021 (subject to performance testing)
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:
- We are the UK’s leading Insurance, Wealth & Retirement business and we operate in the UK, Ireland and Canada. We also have international investments in India, China and Singapore.
- We help our 18.7 million customers make the most out of life, plan for the future, and have the confidence that if things go wrong we’ll be there to put it right.
- We have been taking care of people for more than 325 years, in line with our purpose of being ‘with you today, for a better tomorrow’. In 2022, we paid £23.2 billion in claims and benefits to our customers.
- In 2021, we announced our ambition to become Net Zero by 2040, the first major insurance company in the world to do so. We are aiming to have a cut of 25% in the carbon intensity of our investments by 2025 and of 60% by 2030; and Net Zero carbon emissions from our own operations and supply chain by 2030. While we are working towards our sustainability ambitions, we acknowledge that we have relationships with businesses and existing assets that may be associated with significant emissions. Find out more about our climate goals at www.aviva.com/climate-goals and our sustainability ambition and action at www.aviva.com/sustainability
- Aviva is a Living Wage, Living Pension and Living Hours employer and provides market-leading benefits for our people, including flexible working, paid carers leave and equal parental leave. Find out more at https://www.aviva.com/about-us/our-people/
- As at 30 June 2023, total Group assets under management at Aviva Group were £358 billion and our estimated Solvency II shareholder capital surplus as at 30 September 2023 was £7.6 billion. Our shares are listed on the London Stock Exchange and we are a member of the FTSE 100 index.
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