Aviva plc (“Aviva” or the “Company”) has appointed Mr Jason Windsor as Chief Financial Officer and Executive Director of the Company with effect from 26 September 2019.
Jason became Interim Chief Financial Officer on 1 July 2019 and was previously Chief Financial Officer of Aviva UK Insurance. 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 Aviva Leadership Team.
Jason is exceptionally well qualified to be our CFO. He has a proven track record as CFO of our UK business and a deep understanding of Aviva and the markets we operate in. Jason is a very strong addition to the Board and will bring a strong analytical and commercial perspective.
Jason Windsor’s appointment has been approved by the PRA and FCA.
This announcement is made pursuant to Listing Rule 9.6.11.
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Jason joined Aviva in 2010 as Strategy and M&A Director.
In 2013 he became Chief Strategy and Development Officer. He was responsible for group strategy, M&A, financial planning and analysis, and group executive oversight of Aviva Investors.
In 2014, Jason was appointed Chief Capital and Investments Officer focusing on group capital, investments, ALM, treasury, and reinsurance.
In August 2016, Jason became UK Life Chief Financial Officer and in October 2017, UK Insurance Chief Financial Officer. During this period, he helped successfully integrate Aviva Life and Friends Life and grow the capital base and remittances.
Before Aviva, Jason spent 15 years at Morgan Stanley, latterly as managing director in the Financial Institutions Group, focusing on corporate finance, M&A, and regulatory capital.
Jason holds a BA in Chemistry from Worcester College, Oxford.
The main elements of Jason Windsor’s remuneration package, which is consistent with the Directors’ Remuneration Policy approved by shareholders in 2018, will be as follows:
- Basic annual salary: £675,000. The next salary review date will be April 2020.
- Pension: Jason will receive pension contributions of 14% of salary in line with the maximum employer contribution level available to the majority of UK based employees.
- Standard benefits, including private family medical insurance and life insurance.
- Maximum annual bonus: 150% of basic salary. Two thirds of any award deferred into shares which will vest in three equal tranches over three years.
- Long-term incentive award: Long-Term Incentive Plan awards are typically 225% of basic salary with awards vesting after three years, and only if specific financial and shareholder return targets are met. There is a further two-year holding period for the awards after vesting. The first award will be granted in 2020, no award will be granted on appointment.
- Shareholding requirements: Jason will be required to build a shareholding in Aviva to the value of 200% of his basic salary and to retain 50% of the net share releases from his deferred bonus and LTIP awards until this requirement is met. At the date of this announcement, Jason holds 417,805 ordinary shares of Aviva and this requirement has currently been met.
- Notice period: 6 months’ notice period by the individual, 12 months by the Company.
In accordance with paragraph LR 9.6.13R of the listing rules, Aviva confirms there is no information to be disclosed in terms of LR 9.6.13R (1) to LR 9.6.13R (6) inclusive in respect of Jason Windsor.
Notes to editors:
- Aviva is a leading international savings, retirement and insurance business.
- Our aim is to earn our customers’ trust as the best place to save for the future, navigate retirement and insure what matters most to them. Last year, we paid c.£33 billion in claims and benefits on behalf of our 33 million customers.
- We operate through five business divisions: Investments, Savings & Retirement; UK Life; General Insurance; Europe Life; and Asia Life; and focus on three strategic priorities: deliver great customer outcomes, excel at the fundamentals and invest in sustainable growth.
- Total group assets under management at Aviva group are £501 billion (as at 30 June 2019) and our Solvency ratio is 195% (3Q19). Our shares are listed on the London Stock Exchange and we are a member of the FTSE 100 index.
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