Aviva appoints new CEO who admits there is 'substantial work to do'

Life assurer Aviva's brand new Chief Executive Officer (CEO), Mark Wilson, has admitted to investors that there is 'substantial work to do', but promised he will listen to stakeholders.

Wilson, who is to join the board on December 1st and become CEO exactly one month later, was previously the CEO and President of AIA Group, a big player in the world of insurance companies between 2006 and 2010.

Wilson said: "It is acknowledged that over recent years the company has not performed to its potential. The Chairman, John McFarlane, and the board have articulated the first stage of the strategy that addresses the immediate issues and I look forward to continue working closely with the board on these priorities. The company will initially be judged on the execution of that strategy and I intend to pursue the execution with rigour and focus.

"My first task will be to listen to Aviva's stakeholders, including customers, shareholders, staff and regulators and ascertain the key concerns and opportunities that face the business. There is substantial work to do. I am looking forward to taking up this appointment and excited about the future prospects for Aviva."

The director has over twenty-five years' experience in the insurance industry across life and general insurance, as well as asset management in both mature and emerging markets. Since leaving AIA, he has been involved in private equity with Blackstone and other private equity firms.

The company also announced that John McFarlane, the Chairman of Aviva, who has also been acting in an executive capacity pending the appointment of a CEO, will become non-executive Chairman on January 1st next year.

McFarlane said of Wilson's appointment: "I am delighted we have secured Mark for Aviva. His leadership credentials are incredibly strong. He has an outstanding track record of leading a major insurer, of transforming its performance and culture, of implementing a growth agenda and of producing significant shareholder value, all of which are essential for Aviva's success going forward."

CM