The board of Aviva announces that Andrea Moneta, CEO EMEA, will be leaving the company at the end of February by mutual consent to pursue new challenges in the financial services sector.
Andrea has been instrumental in successfully establishing Aviva’s European transformation programme. The benefits of the transformation are coming through, with the region producing a 10% increase in total sales and internal rates of return maintained at 12% (at third quarter 2010). The European business continues to perform strongly.
The board thanks Andrea for his contribution and wishes him well for the future.
Igal Mayer, currently CEO North America, has been appointed CEO for Europe with immediate effect. Igal will join the board of Aviva plc, subject to regulatory approval. Under his leadership, the North American business has achieved a significant improvement in performance, with IFRS profits increasing by over 100% (at 30 June 2010) and the internal rate of return doubling to 14% (at third quarter 2010).
Aviva’s strategy update announced in November 2010 reinforced the importance and potential of the European region. Igal’s 20 years of experience at Aviva and his success in delivering excellent results will be invaluable to the business.
Richard Hoskins, who is currently CFO North America, will become CEO of the region, subject to regulatory approval, and will join Aviva’s executive committee. Richard has been CFO of the North American region during a period of significant improvement in its financial performance over the last 18 months.
Source : Aviva Press Release
