Aviva Chairman retires as market awaits recovery plan

Lord Colin Sharman has retired as Chairman of troubled insurance giant Aviva; he's being replaced by John McFarlane, who has become Executive Chairman.

The market had been aware of the changes since June 15th.

Aviva's previous Chief Executive, Andrew Moss, was a victim of the "shareholder spring" after investors balked at a 60% decline in the firm's share price over the last five years.

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Commenting on Lord Sharman's retirement, John McFarlane said:

"Colin chaired the board of Aviva successfully, mainly during a period of economic uncertainty and he brought his extensive experience in the international financial services industry to bear during this period.

"Under his leadership of the board, the company also developed into a single strong brand, easily recognisable in the markets where it operates. On behalf of the board, I would like to thank Colin for his service to the Company and we all wish him well for the future."

Aviva shares had gained 2.7% by 09:21.

BS