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Aviva share price edges higher after naming Maurice Tulloch as new CEO

The British insurer saw its share price climb a touch higher on Monday morning after appointing insurance veteran Maurice Tulloch as its new CEO who plans to do more to boost shareholder value.

Aviva has named company and insurance veteran Maurice Tulloch as its new CEO, with the news helping to send the company’s stock a touch higher on Monday morning.

The insurer’s chairman Adrian Montague said that Tulloch ‘knows the business inside out’ due to leading Aviva’s businesses in the UK and internationally across life and general insurance.

‘Maurice knows our strengths, knows where we need to improve and has a deep understanding of insurance and customers’ needs,’ Montague said in a statement. ‘He is exceptionally well qualified to re-energise Aviva and deliver long-term growth.’

Maurice Tulloch takes the reigns at Aviva

Maurice Tulloch will receive a basic annual salary of £975,000 pro-rated for his length of service as CEO in 2019.

Maurice currently owns 348,797 shares in Aviva plc and will be required to build a shareholding in Aviva to the value of 300% of his basic salary.

He will be required to retain 50% of the net share releases from his deferred bonus and long-term incentive awards until this requirement is met.

‘There is a clear opportunity to realise Aviva’s significant but untapped potential. Aviva is financially strong, we have a well-known brand and excellent businesses,’ Tulloch said. ‘But there is more to do to improve returns for shareholders.’

‘We must focus on the fundamentals of insurance and giving our customers the best possible experience - being there when they need us, protecting what’s important to them and helping them save for the future,’ he added.

Maurice joined Aviva in 1992 and was appointed to its board in June 2017.

Former CEO Mark Wilson ousted after disappointing 2018

Tulloch’s predecessor Mark Wilson lost his job at the helm of Aviva after the insurer’s share price slid from £5.52 a share in May last year to 432p a share last week.

Last year was challenging for the insurer, with Aviva forced to compensate around 6000 customers who faced payment delays and other issues resulting from a botched update caused its pension platform to crash.

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