Moss falls on his sword at Aviva

8th May 2012 07:06

Andrew Moss, the Chief Executive Officer of insurance giant Aviva, has taken the hint from disgruntled shareholders, and has quit the post with immediate effect.The move, instigated by Moss, follows last week's Aviva annual general meeting which saw a majority of shareholders vote against the remuneration report, an act seen as a protest against Moss's pay rising while the share price moved equally rapidly in the opposite direction.The board has asked Chairman Designate John McFarlane to become interim Executive Deputy Chairman with immediate effect and Executive Chairman from July 1st, pending the appointment of a new Chief Executive Officer. It is envisaged that the head-hunting process will take a number of months, at the conclusion of which McFarlane will revert to the role of non-executive Chairman.Andrew Moss will leave the board shortly and a further announcement will be made to confirm the financial terms of his departure and date of leaving. JH