Direct Line bosses out ahead of £3.7bn Aviva deal after bumper bonus revolt
The chief executive and chief financial officer of Direct Line are to step down when its £3.7bn sale to Aviva is complete, it has been announced.
CEO Adam Winslow and CFO Jane Poole will leave their roles when the deal is finalised next month.
In a statement, the company said a leadership team for Direct Line will be confirmed when the acquisition is completed.
Direct Line CEO to leave after less than a year
The news comes after the group behind Direct Line suffered a huge revolt by its shareholders over Winslow being handed a major pay day.
In March, City AM reported that Winslow took home a pay packet of more than £7.8m for the insurance giant’s latest financial year.
According to its annual report, the CEO’s pay was significantly boosted by a £5.8m payment from Direct Line Group to compensate him for a loss of earnings after joining in March 2024.
Winslow had previously been the chief executive of Aviva’s General Insurance business, which is now set to become Direct Line Group’s owner after a deal was agreed at the end of 2024.
At the group’s annual general meeting (AGM) in May, 36.5 per cent of the votes were cast against the directors’ remuneration report.
Winslow will leave Direct Line having been at the business for just over a year.
The takeover caused some concerns among workers at the two firms after Aviva revealed at the end of last year that around 2,300 jobs would be at risk amid cost-cutting efforts in the wake of the deal.
It is also being probed by the UK’s Competition and Markets Authority (CMA) to investigate if it will lessen competition in the UK – although Aviva recently said it was “confident” of the watchdog giving the all-clear for the deal.
Direct Line has also announced other changes in its boardroom, including bringing in Ian Clark as its chairman.