Aviva CEO Mark Wilson leaves abruptly

  • Push-out Score determined
  • After about six years in the position
  • Accolades, praise and thanks for Wilson
  • Responsibilities redistributed
  • Search for a successor
  • Wilson said 94 words

(exechange) — London, United Kingdom, October 9, 2018 — Mark Wilson, chief executive of Aviva, leaves. It is an abrupt change. As announced by Aviva plc in a news release on Tuesday, October 9, 2018, Mark Andrew Wilson leaves his post as Chief Executive Officer at the British multinational insurance company after about six years in the role, effective immediately.

Aviva will undertake a search for a successor.

The position of Chief Executive Officer is currently not filled. For the time being, Mark Wilson’s responsibilities are redistributed.

“Given the turnaround has been successfully completed, it is time for new leadership to take the group to the next phase of its development”

Wilson’s sudden departure from the CEO post is explained as follows. Aviva said in a fairly blunt statement: “Mark was brought in to deliver the turnaround of Aviva.  The Board and Mark believe that given the turnaround has been successfully completed, it is time for new leadership to take the group to the next phase of its development.”

Precise information about Wilson’s future plans was not immediately available.

“Stepping down”

Aviva said: “Aviva plc (“Aviva” or “the group”) announces Mark Wilson and the Board have agreed that Mark is stepping down today as Chief Executive Officer of the group.”

Share price decline

The change follows a decline in the share price of Aviva plc since May 2018.

Chaired by Sir Adrian Montague

Aviva plc is chaired by Sir Adrian Montague.

He was appointed to the board of Aviva plc in January 2013 and became senior independent non-executive director in May 2013 and Chairman in April 2015.

In the position of CEO since 2013

Mark Andrew Wilson has been the Group Chief Executive Officer at Aviva plc since January 1, 2013.

Mark Wilson was born in Rotorua, New Zealand in 1966 and attended the University of Waikato on an economics scholarship.

In an eventful career Wilson has rescued a number of under-performing global companies.

Starting out in New Zealand, he spent the next 14 years in Asia, culminating in a role as CEO of Asian insurance giant, AIA in 2009.

With the collapse of AIA’s US parent, AIG, Wilson navigated AIA through the global financial crisis and is credited with keeping the company afloat.

As CEO, Wilson restructured AIA to become a leading pan Asian company and a household name and led it to what was one of the largest IPOs in corporate history.

Wilson joined Aviva as Group Chief Executive Officer at the start of 2013.

The company traces its history back to 1696.

Under his leadership Aviva has refocused and rebuilt its financial strength.

He led Aviva’s £6 billion acquisition of Friends Life Group in 2015, the largest deal in the UK insurance sector for 15 years.

Aviva’s market capitalization has risen from £11 billion to over £20 billion.

It is now the largest insurer in the UK and a UK Top 30 Company, with 33 million customers and £490 billion of assets under management (as at December 31, 2017).

The company is at the forefront of the digital revolution in insurance and was named UK Business of the Year 2017 by the London Evening Standard newspaper.

Wilson is Chairman of the Geneva Association, the leading international think-tank of the insurance industry. He was a member of the Business and Sustainable Development Commission and sits on the Advisory Board of the EAT Foundation (which advocates for a sustainable global food system).

He is a member of the Development Board of the Royal Foundation for The Duke and Duchess of Cambridge and The Duke and Duchess of Sussex and is a Non-Executive Director of Blackrock.

He was named in the Sunday Times 2016 list of Britain’s most influential people and was awarded UK New Zealander of the Year in 2016.

In January 2017 Wilson was listed in Debrett’s 500 List as one of the most influential people in finance.

Wilson will remain with the group until April 2019 and will assist with the planned and orderly transition.

Push-out Score determined

The Push-out Score™ determined by exechange suggests that push-out forces have contributed to the change.

Read the full story in the exechange report 42.2018 ($).