LONDON (AP)—The chief executive of Aviva, Britain’s largest insurer, has resigned following a shareholder revolt over executive pay, the company said Tuesday.
The company gave no explanation for the decision by Andrew Moss, who had been CEO since 2007, to step down a week after shareholders voted against the company’s decisions on executive pay and bonuses.
At Aviva’s annual general meeting a week ago, 823 million votes were recorded against the pay plan, or remuneration report, compared to 670 million in favor. Another 152 million votes abstained.
Shareholders were unhappy at a 33 percent drop in the value of shares in the last year.
Aviva shares were up 4.9 percent at 317 pence in early trading in London.
“We suspect that the latest batch of negative headlines over the Remuneration Report at the AGM was the last straw and Moss had to go,” said Barrie Cornes, analyst at Panmure Gordon & Co. “Few will shed any tears given his handling of the business over the last few years, which have seen the shares massively underperform the sector.”