Montague quits Aviva chair amid talk of boardroom split
Insurer is reorganising into five divisions
Aviva chairman Sir Adrian Montague is to leave the company just weeks after the board is thought to have been divided over plans to break up the insurer.
Chief executive Maurice Tulloch, who was appointed last year, outlined a number of planned changes but the board chose to keep the company intact.
Aviva, which has 3,000 employees in Scotland, is reorganising into five divisions, following moves by other big insurance and asset managers to reshape their business.
It is folding its fund management business Aviva Investors into a broader investments, savings and retirement division. The other four new divisions are UK life, Europe life, Asia life, and general insurance.
Sir Adrian has led the board since April 2015 after joining as a non-executive director in January 2013. It’s not known whether or not he supported the break-up plan.
He said: “When I became chairman in 2015 the board asked me to commit to serve for at least five years. Now that Maurice has launched Aviva’s strategy, a new senior management team is in place and the board has been refreshed, it is also time for a new chairman.
“In the meantime I remain committed to this great organisation which I am confident will deliver for all its customers, employees and shareholders”.
George Culmer, senior independent director, said: “On behalf of the board, I would like to express our deep thanks to Adrian for his service, leadership and guidance over the past seven years.
“Adrian has chaired Aviva through a period of considerable change and departs with our very best wishes for the strong legacy he leaves”.