Aviva's Moss handed £1.3m exit payout
Outgoing Aviva chief executive Andrew Moss will receive a payout worth almost £1.3m following his decision to quit the provider.
Aviva announced Moss’ decision to resign from the post this morning after almost five years as chief executive.
Aviva chairman designate John McFarlane becomes executive deputy chairman and from July 1 will be made executive chairman until a new chief executive is found.
Moss (pictured) will leave Aviva at the end of May. The provider says he will receive basic salary in lieu of 12 months notice and £300,000 in “full and final settlement” of his outstanding bonus claims. Moss’ current salary is £960,000.
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Readers' comments (3)
The role of the CEO is to improve shareholder value. He has failed to do this, but wanted a bonus for failure. The shareholders rejected the bonus and now he wants a pay off for resigning - not being sacked but for resigning. This means that he was always on a win/win situation for himself. It seems failure is rewarded whatever happens, and the only losers are the shareholders. It seems the only good thing he has done for shareholer value is resign as Aviva shares have surged ahead as a result. The rest of the board should resign in shame (and) without payoffs.
So the incentive of a near 7 figure basic salary plus 6 figure bonus and most likely another 6 figure pension contribution is not enough ?
The end shareholders, who are the rank and file, those who invest in pensions who vole en bloc are not rewarded for failure and neither should the directors be so rewarded.
Rewards for failure are a cancer on the savings of the man in the street.
He must have thought: Well if Pants can get away with it, why can't I? Shocking!