|“We should acknowledge the progress that has been achieved under Andrew Moss's leadership.|
|“Through the global financial crisis he led the consolidation of our international presence and the integration of 40 brands into the very powerful single Aviva brand. He reduced the cost base, improved operational performance and more recently began the implementation of the strategic focus, with the sale of RAC, the deconsolidation of Delta Lloyd and a number of overseas disposals.”|
In regard to John McFarlane’s additional responsibilities, Lord Sharman said:
|“Aviva’s shareholders are in very good hands. His leadership and shareholder credentials are impeccable having transformed ANZ during his tenure as CEO, as well as making a significant contribution to the improvement in shareholder value at Standard Chartered prior to that.”|
|“Aviva is a leading company in the insurance sector and I’m excited to play a pivotal role in its transformation and future. I feel I can make a real difference. My first priorities are to regain the respect of our shareholders by eliminating the discount in our share price and to find internally or externally the very best leader to be our future CEO. I will meet all of the major investors over the coming days and weeks.”|
|Focus: An in-depth thorough review of all Aviva’s businesses and investments to ensure we are focused on attractive segments, that have a meaningful market position, where can generate superior returns over the cycle, and where we are confident of success.|
|Financial Strength: Build the capital and financial resources of the Group to ensure we achieve and maintain financial strength. In addition we will implement a more dynamic reallocation of the group’s capital resources to improve return and reduce risk.|
|Performance: Creating value through a profit improvement programme seeking revenue growth where available. However, in the light of the subdued nature of our major markets, there is a need for tighter capital allocation, expense and risk discipline, and leveraging technology to greater advantage.|
|Stakeholders: Improving the service to our customers, advancing and developing talent and leadership in our people, building the trust in which Aviva is held by shareholders, business partners, regulators and the communities where we operate.|
The investor presentation scheduled for 24th May will be postponed until after the Board’s annual strategy meeting in June but will take place before the group’s interim results. John McFarlane and Patrick Regan will lead the rescheduled presentation, together with Trevor Matthews, Simon Machell and the major business heads.The recently announced new Group Executive Committee and streamlined structure is unaffected. Given the imperative of improving financial performance, John McFarlane has asked Patrick Regan, Chief Financial Officer, to play a pivotal role across the group to achieve this. To assist John McFarlane in his new responsibilities, Kirsty Cooper, Group Company Secretary and General Counsel, will head the Office of the Chairman in addition to her other responsibilities. John McFarlane said:
|“We fully recognise the challenges in some of our markets and businesses but I do believe Aviva has a great future. We have a strong brand, dedicated people, a solid business foundation and we are well-positioned for the journey ahead.”|
ANZ is one of Australia and New Zealand’s largest companies and one of the world’s major banks, operating in 30 countries. During his tenure, ANZ became one of Australia’s most respected and best performing companies. In September 2007 ANZ was recognised as 18th in the Fortune 500 for leadership (and the leading bank globally), and ANZ became the world’s leading bank in the Dow Jones Sustainability Index. As at 30 September 2007 ANZ’s market capitalisation was AUS$55.4 billion (£24 billion).John McFarlane is currently a non-executive director of Westfield Holdings Limited and of Old Oak Holdings Limited, and is a member of the Cranfield School of Management Advisory Board. He is also a former President of the International Monetary Conference, the annual meeting of the leaders of the world’s major banks and central banks. In Australia he was Chairman of the Australian Bankers Association, a Director of the Business Council of Australia, and the Australian Graduate School of Management. In the UK prior to that, he was a director of the London Stock Exchange, the Auditing Practices Board, The Securities Association (UK securities regulator), Cranfield School of Management, the Financial Law Panel, and Capital Radio Plc. In 1992 he chaired the review “The Future Development of Auditing in the United Kingdom and Ireland”. John McFarlane was educated at Edinburgh University and has a MBA from Cranfield School of Management. About Aviva plc
- Aviva provides 43 million customers with insurance, savings and investment products.
- We are the UK’s largest insurer and one of Europe’s leading providers of life and general insurance.
- We combine strong life insurance, general insurance and asset management businesses under one powerful brand.
- We are committed to serving our customers well in order to build a stronger, sustainable business, which makes a positive contribution to society, and for which our people are proud to work.
- The Aviva media centre at www.aviva.com/media includes images, company and product information and a news release archive
- Follow us on twitter: www.twitter.com/avivaplc