Aviva culls senior managers after review
Aviva has fired dozens of senior managers and may look to offload a fifth of its business units after carrying out a review of the company, according to reports.
Andrew McFarlane, who took over as executive chairman after group CEO Andrew Moss was forced to resign following a shareholder revolt, has stripped out four layers of management at the insurer’s London base, a report in the Sunday Times suggests.
It reports McFarlane has divided Aviva’s operations into 50 units to be classed as either core, in need of improvement, or for sale.
The Telegraph suggests this may mean between 10 and 15 of the insurer’s propositions may be sold or wound down. Among those expected to be offloaded is Aviva’s £1bn American division.
Commentators have also raised the prospect of Aviva further selling down its stake in Dutch insurance provider Delta Lloyd.
In May, Aviva announced that group CEO Moss would be leaving with after the firm suffered the embarrassment of losing a shareholder vote on executive pay at its annual general meeting.
This article was first published on Investment Week