Tom Stoddard steps down as Chief Financial Officer of Aviva plc

Aviva plc (“Aviva” or “the group”) announces that the Board of Aviva and Tom Stoddard have decided that Tom Stoddard will step down as Chief Financial Officer and as a Director of Aviva from 30 June 2019.  Tom Stoddard will remain with the Group until 31 December 2019 to support an orderly transition. 

Jason Windsor, currently Chief Financial Officer of Aviva UK Insurance, will become interim Chief Financial Officer on 1 July 2019.  Jason joined Aviva in 2010 and has extensive experience of the group, including as Chief Capital and Investments Officer, and as a member of the Group Executive. This appointment is subject to regulatory approval.

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As required by section 430(2B) of the Companies Act 2006, details of the remuneration payments made to or to be made to Tom Stoddard are set out below.

Salary and benefits

Tom Stoddard will serve six  months notice with effect from 1 July 2019 and will be placed on garden leave from 1 July 2019 to 31 December  2019. During this period he will continue to receive his salary, and contractual benefits. Tom Stoddard’s employment will therefore terminate on 31 December 2019.

Other terms agreed with Tom Stoddard, which were the subject of careful consideration by the Remuneration Committee and are in line with the Company’s Remuneration Policy which was approved by shareholders at the 2018 AGM, are as follows:

Bonus

Tom Stoddard will be eligible for a pro-rated bonus in respect of the 2019 financial year to reflect the portion of the year prior to the commencement of garden leave (1 January 2019 to 30 June 2019). The bonus will be determined on the normal timetable.

Share awards

Tom Stoddard will be treated as a good leaver under the Aviva plc Annual Bonus Plan (“ABP”) and Long-Term Incentive Plan (“LTIP”) in accordance with the plan rules. The details of the treatment agreed is set out in the below table and all outstanding awards will remain subject to malus and clawback provisions for five years from the date of grant.

^{Note: LTIP awards will remain subject to performance and will be be further reduced if group performance targets are not achieved.  For example, payouts for the 2015 and 2016 LTIP vestings were 37% and 50% respectively.}

^{The relevant remuneration details relating to Tom Stoddard, including information on the vesting of any outstanding awards detailed above and the dividend equivalents payable on them, will be included in the Directors' Remuneration Report in the Annual Report and Accounts.}