The former chief executive and president who transformed insurance company AIA Group is to be the new chief executive of Aviva.
Mark Wilson, who will earn a basic annual salary of £980,000 as well as bonuses, worked for AIA between 2006 to 2010 during which he prepared the company for listing on the stock exchange, increasing its value to $36 billion.
Mr Wilson, who has more than 25 years' experience in the insurance industry, has been involved in private equity with Blackstone and other private equity firms since leaving AIA.
Former chief executive Andrew Moss stepped down in May following a shareholder revolt after the company's share price dropped by 60 per cent during his tenure.
John McFarlane, chairman of Aviva, has been acting in an executive capacity in the meantime and will become non-executive chairman on January 1, when Mr Wilson takes over.
Mr McFarlane said: “I am delighted we have secured Mark for Aviva. His leadership credentials are incredibly strong. He has an outstanding track record of leading a major insurer, of transforming its performance and culture, of implementing a growth agenda and of producing significant shareholder value, all of which are essential for Aviva’s success going forward.
“Mark has operated in both developed and emerging markets. At AIA, Mark faced similar challenges to Aviva today. He navigated the company through the global financial crisis, narrowed the focus of the company, sold non-core businesses, turned round non-performing segments, and reduced risks and costs. From that foundation he implemented a successful revenue growth strategy.
“His appointment follows a comprehensive global search process which produced a shortlist of exceptional internal and external candidates.
Mr Wilson said: “It is a privilege to lead Aviva, an organisation with such a rich legacy and pedigree and many talented and dedicated people. It is acknowledged that over recent years the company has not performed to its potential.
"The company will initially be judged on the execution of that strategy and I intend to pursue the execution with rigour and focus.
“My first task will be to listen to Aviva’s stakeholders, including customers, shareholders, staff and regulators and ascertain the key concerns and opportunities that face the business. There is substantial work to do. I am looking forward to taking up this appointment and excited about the future prospects for Aviva.”