June 5, 2019 / 6:22 AM / 5 months ago

Aviva CFO departs, second executive to leave in two months

LONDON (Reuters) - Aviva’s chief financial officer Tom Stoddard will step down at the end of the month, the British insurer said on Wednesday, the second senior executive to leave following the appointment of Maurice Tulloch as chief executive this year.

FILE PHOTO: The Aviva logo sits outside the company head office in the city of London, Britain March 7, 2019. REUTERS/Simon Dawson

Jason Windsor, currently chief financial officer of Aviva UK Insurance, will become interim group CFO, Aviva said in a statement, a day before the firm’s first investor day under Tulloch.

Stoddard, an American, had been in his role at Aviva for five years.

Aviva is the only listed British insurer to have both a large life and general insurance business. It changed its CEO because of a struggling share price, with concern at the effectiveness of its cross-selling of products ranging from pensions to car and home insurance.

Analysts are split as to whether Aviva should sell off its general insurance business, or keep both life and general insurance.

It is facing increased competition in Britain from German insurance giant Allianz, which last week did two deals potentially valued at in excess of 800 million pounds to cement its position as the country’s second biggest general insurer..

Canadian Tulloch, an Aviva insider who took on the CEO role in March, paid tribute to Stoddard.

“Tom is a tremendous leader and has played a major role in delivering Aviva’s financial turnaround, significantly strengthening the group’s capital position,” Tulloch said in the statement.

Andy Briggs, head of Aviva’s UK insurance business, left in April, prompting a review of that business.

Tulloch is expected to announce the result of that review on Thursday, and to restate the insurer’s generous dividend policy, fund managers say.

“Tulloch is clearly keen to put in place his own team to deliver the increased pace of change that he has promised,” said Paul De’ath, analyst at Shore Capital, reiterating his hold rating on the stock.

Aviva’s shares were little changed at 417.5 pence at 0800 GMT.

Reporting by Carolyn Cohn; Editing by Simon Jessop/Keith Weir

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