Aviva chief executive Maurice Tulloch has stepped down from the role with immediate effect for “family health reasons”, the insurance giant said today.
Non-executive director Amanda Blanc will take on the CEO role from today, Aviva said, after joining the board at the start of the year.
She was previously CEO, EMEA & Global Banking Partnerships at Zurich Insurance Group. Prior to that Blanc served as group CEO of AXA UK, PPP and Ireland and has served as chair of the Association of British Insurers and president of the Chartered Insurance Institute.
Aviva boss Tulloch said he would step aside due to family health reasons.
The insurance veteran took on the top job in March 2019 after heading up Aviva’s international division. He joined Aviva’s board in 2017 after serving in a number of roles at the insurer since 1992.
Blanc said: “Aviva is a great company, full of great people, and I’m honoured to be given the opportunity to help shape its future. I want Aviva to be the leader in our industry again and the first choice for our customers and partners. My focus will be on achieving that for the benefit of all of our stakeholders.
“We will look at all our strategic opportunities, and at pace. I have been on the Aviva board since the start of this year and have a good understanding of where the business has its strengths and what actions we should take across our portfolio.”
George Culmer, chairman of Aviva, thanked Tulloch for his “valuable contribution”, adding: “The board and I were saddened to hear of the personal reasons behind his desire to step down and we wish him and his family the very best for the future.
“We are delighted that Amanda will be our new CEO. The board was unanimous in endorsing her appointment. I know she will bring real dynamism to Aviva and re-establish our credentials as a high-performing, innovative and customer-centric business.”
Aviva shares rose 4.1 per cent to 284.7p in early trading today.
Read more: Aviva estimates covid-19 impact at £160m
Tulloch embarked on a management shake-up following his appointment as CEO in 2019 in a bid to deliver greater value to shareholders. And he announced 1,800 job cuts to save £300m per year as Aviva seeks to cut £1.5bn from its debt pile by 2022.
The insurer revealed a record full-year operating profit of £3.18bn in March but warned it would take a £500,000 hit from coronavirus.
Later it warned coronavirus could cost it as much as £160m.
Main image of Maurice Tulloch. Credit: Aviva