Aviva CEO Richard Harvey to be replaced by CFO Moss in July UPDATE |
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Wed, 10 Jan 2007 09:03
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(Adds detail, background, Harvey quote)LONDON - Aviva PLC, the UK's biggest insurer, said chief executive Richard Harvey is to retire on July 11, and will be succeeded by finance director Andrew Moss.The company said Harvey, 56, who has been chief executive of Aviva since it was created from the merger of Norwich Union and CGU in 2000, was stepping down of his own accord.The group has previously said Harvey would not remain as chief executive beyond his 60th birthday. An Aviva spokesperson said he is planning to spend a year doing charitable work, possibly in Africa.During his tenure, Harvey oversaw an unsuccessful 17 bln stg bid approach for the UK's second-biggest insurer Prudential PLC, a takeover that would have created a global insurance giant spanning the US, Europe and Asia.Aviva was forced to withdraw the all-share offer in March last year after Prudential rejected it as too low.'With almost 10 years as a CEO under my belt, there are other dimensions to my life and other things I want to achieve in both international charity work and the business world,' Harvey said in a statement.'Now is the right time for me to set out on my next adventure while I have the energy and desire to make a difference.'Philip Scott, currently head of Aviva's international operations, is to take over from Moss as finance director.Aviva shares closed at 830-1/2 pence yesterday, valuing the company at about 21 bln stg.newsdesk@afxnews.comam/mn/rw/mn/roCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Aviva CFO Moss to succeed CEO Richard Harvey in July 