Aviva has appointed Amanda Blanc as its new chief executive, replacing Maurice Tulloch who has stepped down after just over a year in the job.
The insurer said on Monday that Mr Tulloch had stepped down for family health reasons.
Ms Blanc is an experienced insurance executive, having run Axa’s UK business and Zurich’s European operation. She was also the first female chair of the Association of British Insurers and joined Aviva’s board at the start of this year.
Aviva chairman George Culmer, who has only been in the role since last month, said: “I know she will bring real dynamism to Aviva and re-establish our credentials as a high-performing, innovative and customer-centric business.”
She takes on the top job after a turbulent year for the insurer. Mr Tulloch, who was appointed in March last year after a long search, presented a new strategy, but it disappointed some investors and the share price has struggled.
Since then the group has been hit by the coronavirus crisis, which will cause big payouts in some lines of business. The company suspended its dividend earlier this year.
The change of chief executive will spark fresh speculation about whether Aviva, whose biggest business is in the UK but also has operations in Europe and Asia, is heading for a break-up.
In the past, there have been calls for the company to sell off its overseas businesses, or to split up the UK operation by separating life insurance from property and casualty insurance.
Ms Blanc suggested on Monday that she was open to changes: “We will look at all our strategic opportunities, and at pace,” she said. “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.”
Aviva’s shares rose 5 per cent on news of her appointment.
Alan Devlin, an analyst at Shore Capital, said: “The appointment of a new CEO will make another round of restructuring at Aviva inevitable, and given the markets’ lacklustre response to Tulloch’s restructuring, the pressure [will] mount to do something more radical.”
https://news.google.com/__i/rss/rd/articles/CBMiP2h0dHBzOi8vd3d3LmZ0LmNvbS9jb250ZW50LzI5MjA2N2IyLTc5NGQtNDRkZS04YmEwLTY4OTdkZTYzY2JkMtIBP2h0dHBzOi8vYW1wLmZ0LmNvbS9jb250ZW50LzI5MjA2N2IyLTc5NGQtNDRkZS04YmEwLTY4OTdkZTYzY2JkMg?oc=5
2020-07-06 08:13:22Z
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