Aviva appoints Maurice Tulloch as new chief executive
Aviva, Britain’s biggest insurer, which employs 2,500 staff across hubs in Perth and Bishopbriggs, has today announced that Maurice Tulloch will become its new chief executive officer with immediate effect.
Sir Adrian Montague, chairman of Aviva, who has been acting in an executive capacity pending the appointment of a CEO, will revert to his role as non-executive Chairman on 4th March 2019.
Mr Tulloch joined Aviva in 1992 and was appointed to the firm’s board in June 2017.
Most recently he has held the position of Aviva’s chief executive officer, international insurance and has responsibility for Aviva’s life insurance and general insurance operations in France, Canada, Ireland, Italy, Poland, Turkey and India.
He was previously chief executive officer of Aviva UK and Ireland General Insurance, one of the largest businesses in the Aviva group.
In his new role, Mr Tulloch will receive a basic salary of £975,000, with annual bonus opportunities of up to 200 per cent of salary, in addition to payouts under the firm’s long-term incentive plan which can amount to up to 300 per cent of salary after a holding period.
As well as pension contributions of 14 per cent of salary – the maximum employer contribution to UK employees – Tulloch will also receive up to £250,000 in order to assist his move from Canada to the UK.
Adrian Montague, chairman of Aviva, said: “Maurice will be an outstanding chief executive of Aviva. He knows the business inside out. He has led our businesses in the UK and internationally and built strong teams across life insurance and general insurance. Maurice knows our strengths, knows where we need to improve and has a deep understanding of insurance and customers’ needs. He is exceptionally well qualified to re-energise Aviva and deliver long-term growth.
“The Board has run a thorough and highly competitive process and we have interviewed external candidates alongside highly experienced and respected internal candidates. This process led to a unanimous conclusion and a great result for Aviva.”
MrTulloch said: “I am honoured to lead Aviva, a business I’ve been part of for 26 years. 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. 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. With the care and professionalism of our dedicated people, I know Aviva will thrive.”