Andrew Moss has stepped down as chief executive of insurance and pensions giant Aviva — just days after shareholders revolted against executive pay levels at the group.
His move follows the group’s AGM last Thursday, during which nearly 60% of shareholders voted against its executive remuneration plan; despite Mr Moss waiving a pay rise which would have taken his earnings to over £1m (€1.2m).
Aviva’s share price has fallen by 60% since Mr Moss took the helm almost five years ago.
John McFarlane, the incoming chairman — has been fast-tracked in to take over the day-to-day running of the group in an interim capacity. He said despite the challenges ahead, Aviva has “a great future”.
The Unite trade union, which represents Aviva staff, was scathing in its assessment of Mr Moss and described his removal as “a welcome and important step on the road to curbing greed in the boardrooms of the financial services sector”.
“Under the disastrous leadership of Andrew Moss, Aviva has scaled back its operations resulting in job losses — including the decimation of its Irish workforce — and pay suppression for the staff.
“Unite members have helped build one of Europe’s top insurance companies and the workforce deserve better leadership from those at the top, who have continued to accept growing pay packets while taking the company backwards,” national officer David Fleming said.
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