Articles - Aviva announces new chairman as McFarlane to chair Barclays

 Aviva has announced that Sir Adrian Montague will become non-executive chairman on the retirement of John McFarlane at the Aviva AGM in April 2015. This follows the announcement that John will succeed Sir David Walker, as chairman of Barclays, following its AGM also in April 2015.

 The appointment of Sir Adrian follows a selection process by the Nomination Committee of the Board, led by Scott Wheway, chairman of the Governance Committee.

 The Board was made aware some time ago of the possibility that John might need to leave earlier than he had anticipated to return to banking. The Board has nonetheless been able to assure continuity in Aviva’s transformation, in making this appointment without hiatus, thanks to the company’s progress in its recovery, the capability of its management team led by Mark Wilson and the strength of the Board.

 Sir Adrian joined the Board of Aviva in January 2013, and became senior independent director in May 2013. He is currently non-executive chairman of 3i Group plc, non-executive chairman of Anglian Water Group Ltd, non-executive director of Skanska AB of Stockholm and CellMark Investments AB of Gothenburg, chairman of The Point of Care Foundation (charitable trust), and was recently announced as non-executive chairman of Manchester Airports Group.

 While recognising that John will remain chairman of Aviva until he assumes the role at Barclays, the Board would nevertheless like to record its gratitude for the enormous commitment and contribution made by him since joining the Board three years ago.The appointment of Sir Adrian has been approved by the PRA and FCA.

 Sir Adrian Montague comments It will be a privilege to chair Aviva. The company is recovering strongly and delivering against its investment thesis of cash flow plus growth, under the new, strong management team ably led by Mark Wilson. John McFarlane has been an extraordinary chairman, and has made an immense contribution to Aviva's recovery. We are disappointed that he is leaving Aviva, but understand his excellent credentials to chair Barclays, and are very appreciative of all he has done for Aviva."

 McFarlane, chairman of Aviva, added “I am very pleased with the progress Aviva has made, and although it is naturally with some regret that I step down, I am glad to be leaving the company in safe hands. I have great respect for Adrian, having worked very closely together over the past two years. His considerable experience in financial services, including insurance, as well as in government and regulatory matters are invaluable to us. His appointment has my full support as well as that of the Board and the senior executive team, and I wish him well.”

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