Aviva boss walks away with £6m

THE boss of insurance giants Aviva is in line for a potential £6million golden goodbye – despite being given the boot.

Mark Wilson paid the price for not making enough money for the company’s shareholders.

The no-nonsense New Zealander is credited with turning the business around after becoming their chief executive in 2013.

During his time in charge, Wilson, 52, led the takeover of Friends Life, halved the number of markets Aviva operate in and improved profits.

But Aviva’s share price is up 25 per cent since 2013, compared with 61 per cent for the wider insurance sector within the FTSE 100. The firm also agreed to pay investors £14million earlier this year over botched plans involving preference shares.

Wilson stepped down yesterday and will be on gardening leave for six months. Despite getting the chop, he is entitled to a bumper payoff, including a year’s salary of £1million, £3.5million in shares and a possible £1.4million annual bonus.

He will also get £10,000 towards legal fees linked to his departure.

Chairman Sir Adrian Montague will assume executive responsibilities while Aviva launch the hunt for a new CEO.

Wilson said in a statement: “When I joined Aviva, the company were in poor health. Aviva are very different today.

“I’ve achieved what I wanted to achieve and now it’s time for me to move on to new things.”

Montague said: “We have agreed with Mark this is the right time for a new leader to ensure Aviva deliver to their full potential.”

Aviva were formed from the merger of Norwich Union and CGU Insurance in 2000 but trace their roots to the Hand in Hand insurance firm set up in 1696, two years after the Bank of England were established.