28th Feb 2014 09:57
LONDON (Alliance News) - Aviva PLC Friday said it has appointed a Tom Stoddard as its new finance chief as it moves to replace Pat Regan, who is joining QBE Insurance Group Ltd in Australia.
New Chief Financial Officer Tom Stoddard will join the FTSE 100 insurer on May 5 from investment giant Blackstone, where he is currently a senior managing director.
Aviva said last month that Regan will move to Australia in June to take up his role with QBE.
Aviva said Stoddard, who is Blackstone's Head of Global Financial Institutions Advisory, has been been advising it on corporate matters since the start of 2013.
Stoddard has gathered an "in-depth knowledge of the business" as a result of his time advising the insurer, according to Aviva.
The insurer said Stoddard has a strong track record for restructurings, capital advisory and financial strategy, having been on the team that advised US insurer American International Group Inc on dozens of divestitures and other transactions, including the USD25 billion of debt-for-equity exchange with the Federal Reserve Bank of New York, after its government-led rescue in 2009.
Stoddard will be paid GBP675,000 a year and will be able to earn an annual bonus of up to 150% of his salary. Aviva said the bonus has "strong performance target" and requires Stoddard to defer two thirds of it into Aviva shares for three years.
He also will be granted awards worth 225% of his basic salary in 2014. Awards granted under the long-term incentive plan vest after three years only if specific return on equity and shareholder return targets are met.
Stoddard will be required to build a shareholding in Aviva worth 150% of his basic salary and must retain 50% of the net share releases from his deferred bonus and long-term incentive plan awards until he does. Aviva said he will receive a partial buyout of deferred compensation from his previous employer of up to GBP1 million. It will be on a strict like-for-like basis, Aviva said.
Aviva said Stoddard will receive its standard executive benefits package, as well as "assistance with relocation".
Stoddard's appointment has been approved by regulators.
"He brings outstanding financial acumen, deep sector expertise, and impeccable commercial and market insight to Aviva," Mark Wilson, chief executive, said in a statement.
Aviva shares were Friday quoted up 1.0% at 473.90 pence.
By Samuel Agini; [email protected]; @samuelagini
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