Aviva has appointed a new chief executive five months after sacking former boss Mark Wilson, saying it had “much further to go” to enhance shareholder value.
The insurer has named company veteran Maurice Tulloch as its new boss effective immediately, who will leave his position as boss of Aviva’s international business.
I am honoured to lead Aviva, a business I’ve been part of for 26 years,” Tulloch said. “There is a clear opportunity to realise Aviva’s significant but untapped potential.
“Aviva is financially strong, we have a well-known brand and excellent business. But there is more to do to improve returns to shareholders.”
He signalled a return to “fundamentals of insurance” and improving the customer experience.
Tulloch will earn a basic salary of £975,000, as well a bonus worth up to 200 per cent of his salary, with two-thirds of such awards made into Aviva stock that vests over three years.
Aviva requires Tulloch to build a stake in the firm to the value of 300 per cent of his basic salary.
The insurer will also pay up to £250,000 to help Tulloch relocate from Canada to the UK.
Chairman Sir Adrian Montague said the board had interviewed internal and external candidates but said its choice of Tulloch was unanimous.
“Maurice knows our strengths, knows where we need to improve and has a deep understanding of insurance and customers’ needs,” he added.
“He is exceptionally well qualified to re-energise Aviva and deliver long-term growth.”
His predecessor, Wilson, lost his job as Aviva’s share price wallowed at 464p, down from 552p in May 2018.
Shares closed last week at 432p.