Former Aviva chief executive Mark Wilson had his pay more than halved last year but could net a further £4.1m after quitting the insurance giant.
Wilson, who was brought in to turnaround the business in 2013, stepped down in October last year after the company decided it needed new leadership to boost shareholder value.
According to the insurer’s annual report, Wilson – still on six month’s gardening leave – was paid £1.84m in 2018 down from £4.3m the previous year.
Wilson’s annual bonus was £692,000 – significantly lower than £1.95m in 2017 and Aviva decided he would not receive long-term share awards following his departure.
The company’s remuneration committee said “several events” during the year had led to bonuses being slashed, including controversial plans to cancel £450m of high-yielding preference shares, which it later scrapped following investor backlash.
But the report revealed Wilson will still receive share awards under the company’s Annual Bonus Plan (ABP) of £3m along with a further £1.1m for salary in lieu of notice.
The new chief executive Maurice Tulloch, who was promoted from within earlier this month, will receive a basic salary of £975,000 – less than Wilson’s – and could receive an annual bonus of up to 200 per cent of that.
Earlier in March, Aviva warned of a “muted” outlook for 2019 despite reporting a profits rise last year.
Tulloch said the company had “strong foundations” but was yet to fulfil its potential and hoped to “re-energise” the business and deliver long-term growth for shareholders.