By Chris Vellacott
LONDON Jan 23 British insurer Aviva is
being forced to hunt for a new chief financial officer in the
middle of a company wide overhaul after announcing that Pat
Regan is to join Australian rival QBE in June.
Regan, who joined Aviva in February 2010, leaves at an
awkward time for the group, which is into the second year of the
root-and-branch revamp being steered by Chief Executive Mark
However, Wilson emphasised that Regan's departure is
amicable and that he is "supportive" of his colleague's decision
to take a job elsewhere.
"Pat has been a tremendous support in assisting me with
Aviva's financial transformation. I am supportive of his
decision and he leaves with my best wishes and those of Aviva's
board," Wilson said in a statement.
Aviva said it has started the search for a new finance
director, the latest in a string of top-level changes since
Wilson's 2013 arrival in the wake of an investor revolt that
prompted the departure of his predecessor.
"Regan is the latest in a growing list of exits from Aviva
which, to us, is likely to impact operating performance in the
coming years," Shore Capital Stockbrokers said in a note on
But Wilson, who previously ran Hong Kong-listed AIA Group
, has already made many senior-level appointments at
Aviva and has won the approval of investors for boosting the
share price by close to a third.
His appointments include Euan Munro, recruited from Standard
Life to run the fund management arm, and new heads of
strategy and human resources. He has also appointed new leaders
for the regional divisions in Asia, Europe and the UK general
Aviva continues to reshuffle its business priorities,
ditching non-core assets and boosting areas that Wilson feels
merit further investment, most recently a joint venture to sell
life insurance in Indonesia.