May 8, 2012 / 7:27 AM / 7 years ago

Insurer Aviva's CEO quits after pay revolt

File photo of Aviva Chief Executive Moss at the WEF in Davos. REUTERS/Michael Buholzer

LONDON (Reuters) - Insurer Aviva (AV.L), which was hit last week by one of the biggest revolts over executive pay ever suffered by a British company, said on Tuesday its Chief Executive Andrew Moss had resigned from his position with immediate effect.

“Andrew Moss will leave the board shortly and a further announcement will be made to confirm the financial terms of his departure and date of leaving,” Aviva’s chairman Lord Sharman said, adding Moss thought his departure was in the company’s best interests.

Last week Moss waived his 2012 salary increase following shareholder concerns over executive pay, which culminated in half of the group’s investors revolting on remuneration at its annual general meeting three days later.

The group said its Chairman Designate John McFarlane would take on his duties until a new chief executive was appointed. He will maintain an executive role while internal and external candidates are assessed for the CEO position, it added.

Aviva said it expected the process of appointing a new chief executive to take a number of months.

McFarlane will become interim executive deputy chairman with immediate effect and become executive chairman from July 1. He will revert to the role of non-executive chairman when the new chief executive is appointed.

Aviva shares were up 3 percent to 312 pence in early trade.

Reporting by Neil Maidment; Editing by Kate Holton and Helen Massy-Beresford

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