Wilson to leave Aviva with £6.5m package

Insurance giant Aviva, which employs 2,500 staff across hubs in Perth and Bishopbriggs, has announced that chief executive Mark Wilson is to walk away from the firm with a pay and benefits package worth up to £6.5 million.

The news comes after it was revealed that Mr Wilson will leave the company next year after almost six years.

Aviva said the the decision had been taken because of a need for “new leadership to take the group to the next phase of its development” after its shares underperformed in recent years.

Mr Wilson will step down from his role immediately but stay with the group until April to help the transition.

Aviva said its aims under Mr Wilson’s leadership had been achieved.

His package includes a minimum of one year’s salary, three years of annual bonuses, legal fees and other benefits.

Mr Wilson was appointed in January 2013 and since then, the company’s financial performance has significantly improved.

A search for Mr Wilson’s successor “will commence immediately, with internal and external candidates being considered”, the company said, with the process projected to be wrapped up within four months.

The company said that non-executive chairman Sir Adrian Montague would assume executive responsibilities in the meantime.

Sir Adrian said: “Mark leaves the group in a far stronger state than when he joined.

“There is much further to go in accelerating our strategic development and enhancing shareholder value. We have agreed with Mark this is the right time for a new leader to ensure Aviva delivers to its full potential.”

Mr Wilson said the company was in “poor health” when he joined it and added: “I am happy I leave the company in a strong position from which it can thrive.”

Aviva’s share price rose by 2 per cent in early trading after the news of Mr Wilson’s departure was revealed.