Aviva to flatten management structure
There is blood on the board room carpet at Aviva after the insurance giant restructured its management structure to reflect the fact it now operates in fewer countries than in days of yore.
There is blood on the board room carpet at Aviva after the insurance giant restructured its management structure to reflect the fact it now operates in fewer countries than in days of yore.
"We have decided to remove the regional layer of our structure and are appointing the leaders of our three major businesses to the Group Executive Committee (GEC)," the company said.
David Barral, the Chief Executive Officer (CEO) of UK & Ireland (UK&I) Life Insurance, David McMillan, the CEO of UK&I General Insurance and Philippe Maso, CEO of France, will all join the GEC, and will report directly to group CEO Andrew Moss. Chris Littlefield, CEO of Aviva USA, will also report to Andrew Moss from now on.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Trevor Matthews will be Executive Director of Developed Markets (UK&I, France, Spain, Italy, USA and Canada). In this role he will chair the UK & Ireland Board and be directly responsible for Canada, Italy and Spain. Trevor will also be responsible for developing the key group-wide capabilities of underwriting, pricing and claims management.
Simon Machell will be CEO, Higher Growth Markets (Asia, Poland, Turkey and Russia).
Igal Mayer (CEO of Aviva Europe), Richard Hoskins (CEO of Aviva North America) and Alain Dromer (CEO of Aviva Investors) did not make the cut and will be leaving Aviva, with the usual good wishes from the man who showed them the door ringing in their ears.
Pat Regan will continue as Group Chief Financial Officer and will assume responsibility for Aviva Investors. John Ainley (Group Human Resources), Amanda Mackenzie (Chief Marketing & Communications Officer), Cathryn Riley (Chief Operating Officer), and Robin Spencer (Chief Risk Officer) will continue as members of the GEC.
"The changes I am announcing today will result in a simpler and more efficient organisation which will deliver further operational benefits, accelerate delivery of our strategy and provide opportunities for profitable growth," Moss claimed.
More detail on Aviva's plans for the new market groupings (Developed Markets and Higher Growth Markets) and the cost savings associated with these changes will be set out at the investor and analyst event on May 24th, 2012.
JH
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
-
How ‘Bed & ISA’ could save you £15,000 over a decade
Moving your investments into a tax-free wrapper through ‘Bed & ISA’ transactions could save you thousands over the long run by cutting your tax bill
By Katie Williams Published
-
House prices hit record high, says Halifax
UK house prices rose 3.9% over the past year, with a typical property now costing £293,999. We look at which regions are seeing the strongest growth, and whether the rally in house prices will continue next year
By Ruth Emery Published