Aviva chief executive Andrew Moss to step aside

By Mark Fordham

Aviva has announced that its chief executive Andrew Moss will be leaving the firm with immediate effect.

This comes after the company suffered the ignominy of losing a shareholder vote over executive pay last week.

The shareholders voted against the annual remuneration report, mainly due to the amount UK chief executive Trevor Matthews was paid when he joined the company.

Mr Moss had already refused an annual salary increase following concerns among shareholders about the different levels of pay at the insurer.

Aviva shares rose five per cent in the early trading straight after the announcement.

The role will now be taken on by chairman designate John McFarlane on an interim basis until the firm has looked for and identified a permanent replacement.

"My first priorities are to regain the respect of our shareholders by eliminating the discount in our share price and to find the very best leader to be our future chief executive," he commented.