Aviva plc (“Aviva”) is pleased to announce the appointment of George Culmer as Non-Executive Chairman with effect from the 27th May 2020, following the Aviva AGM. George will succeed Sir Adrian Montague who will retire from the Board on 31st May 2020. This follows the announcement Aviva made on 21st January 2020 that Sir Adrian would retire as Chairman this year.
George Culmer brings extensive experience in insurance and broader financial services to the role. George is currently Aviva’s Senior Independent Non-Executive Director, a role he assumed in January 2020. George joined Aviva as a Non-Executive Director in September 2019. He is also a Non-Executive Director of Rolls Royce Holdings plc.
George was previously Chief Financial Officer of Lloyds Banking Group plc and Chief Financial Officer of RSA Insurance Group plc. George has also had senior roles at Zurich Financial Services and Prudential plc.
The appointment of George Culmer follows a thorough external and internal selection process led by the Nomination and Governance Committee of the Board. The appointment has been approved by the PRA and FCA.
The Board has initiated a process to appoint a Senior Independent Non-Executive Director to succeed George Culmer.
George Culmer said:
“I am honoured to be appointed Aviva’s Chairman. I would like to thank Adrian for his service to Aviva over the last seven years and his leadership during a period of considerable change.”
“Aviva’s purpose for more than 320 years has been to support its customers and communities when it really matters and throughout their lives. This has never been more important than it is today during these current challenging times. I will work closely with Maurice and the management team to ensure Aviva continues to be there to support and deliver for all our customers, our colleagues and our shareholders.”
Sir Adrian Montague said:
“After five years as Chairman, and with a refreshed board in place, it is the right time for me to step down. George has deep experience of insurance and financial services and is an outstanding choice to succeed me. Aviva has a strong franchise, a purpose that has never been more relevant and great opportunities for the future. It has been a privilege to serve as Chairman.”
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Notes to editors:
About George Culmer:
- 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 (2) to LR 9.6.13R (6) inclusive in respect of George Culmer other than disclosure of his current and previous appointments to publicly quoted companies which are included in the notes below.
- At the date of this announcement, George Culmer has 31,276 beneficial interests in ordinary shares of Aviva.
- George is currently a non-executive director of Rolls Royce plc. George was previously Chief Financial Officer of Lloyds Banking Group plc, and joined their Board in May 2012, and Chief Financial Officer of RSA Insurance Group plc. George has also held senior roles at Zurich Financial Services and Prudential plc. George is 57 years old.
- George Culmer’s compensation will remain unchanged from that of the current Chairman, at £550,000 per annum.
- The appointment of George Culmer as Chairman follows a selection process led by Amanda Blanc, Non-Executive Director, and the Nomination and Governance Committee of the Board.
- A photo of George Culmer can be downloaded from: https://www.aviva.com/about-us/leader-profiles/george-culmer/
- 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 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 £510 billion and our Solvency II capital surplus is £12.6 billion (FY19). Our shares are listed on the London Stock Exchange and we are a member of the FTSE 100 index.
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