Aviva has announced that Igal Mayer, Richard Hoskins and Alain Dromer are leaving the firm following a wider management shake-up that will see the “regional layer” of its management structure removed.
Mr Mayer resigned from the board of Aviva with effect from today and will be leaving at the end of May 2012.
Mr Hoskins joined Aviva in 2009 and during his time as both chief finance officer and most recently chief executive of North America has overseen a significant growth in profits in the region.
Mr Dromer created an integrated asset management business at Aviva Investors and grew external sales to record levels in 2011.
A successor to Mr Dromer is now being looked for. His successor will report to Pat Regan, CFO, and be tasked with leading the next stage of Aviva Investors’ development.
On top of the three exits, the three CEOs of Aviva’s largest businesses will be joining the group executive committee, subject to regulatory approval, reporting directly to Andrew Moss, group chief executive of Aviva.
The CEOs in question are David Barral, CEO of UK and Ireland life insurance, David McMillan, CEO of UK&I general insurance, and Philippe Maso, CEO for France. Chris Littlefield, CEO of Aviva USA, will also report to Mr Moss.
Trevor Matthews will be executive director of developed markets. In this role he will chair the UK and Ireland board and be directly responsible for Canada, Italy and Spain.
Mr Matthews will also be responsible for developing the key group-wide capabilities of underwriting, pricing and claims management.
Simon Machell will become CEO of higher growth markets. Pat Regan will continue as group CFO and will assume responsibility for Aviva Investors.
Aviva announced “a clear priority” in the UK, Ireland, France, Spain, Italy, the US and Canada to increase profits and cash generation through a combination of operational efficiencies and scale advantages.
Higher growth markets were identified as the businesses in Asia, Poland, Turkey and Russia.
According to Aviva bosses, these countries have higher growth characteristics due to their economic growth potential and relatively low penetration of insurance products. As a result, Aviva stated it expected these businesses would grow quickly and make an increasingly material contribution to profits.
More detail on plans for these markets and the cost savings associated with these changes will be set out at the investor and analyst event on 24 May 2012.
Mr Moss said: “The changes I am announcing today will result in a simpler and more efficient organisation which will deliver further operational benefits, accelerate delivery of our strategy and provide opportunities for profitable growth.
“I am pleased to welcome David Barral, David McMillan and Philippe Maso to the group executive committee.
“I would also like to thank Igal Mayer, Richard Hoskins and Alain Dromer for their enormous contribution to Aviva and wish them well for the future.”
