Aviva insists departure of CEO will not affect revamp
AVIVA last night insisted the departure of its group chief executive Andrew Moss after shareholders voted against his £2.69m pay package would have no impact on the insurer's overhaul of its Irish business.
The insurance giant has been in negotiations with trade unions on up to 950 job cuts and other efficiencies for more than seven months and is understood to be within "weeks" of an agreement.
A spokesman for Aviva Ireland last night insisted that the unexpected departure of Mr Moss would have "no impact on our plans to transform our business in Ireland".
Those plans involve the unwinding of Aviva's Dublin-based European hub and restructuring the remaining Dublin business so it's more cost-efficient and more closely integrated with Aviva UK.
Aviva's major push into Ireland, including the establishment of the European hub and the branding of the Aviva stadium, came under Mr Moss's watch -- but the Briton also oversaw plans to scale back operations here.
He is stepping down after investors rejected his £2.69m pay packet.
, marking the fourth-ever rejection of a remuneration report from a FTSE 100 company.
The shareholder vote was non-binding, but Aviva said Mr Moss had decided "it was in the best interests of the company that he step aside". A later announcement confirmed Mr Moss would leave with a payoff of £1.75m, including a year's salary pension contributions, a lump-sum settlement and shares.
Aviva Ireland is trying to eliminate millions from its annual cost base and has been in talks with trade unions here since last October.
Sources last night said that both sides were "close" to an agreement, and that it was likely outstanding details could be resolved without the involvement of an outside party like the Labour Relations Commission.