Private equity executive Tom Stoddard is now the Chief Financial Officer of Britain-based insurance firm Aviva Plc, Reuters reported.
Stoddard is connected with Blackstone Group Lp as a Senior Managing Director, heading the private equity giant's Global Financial Institutions Advisory. He will be taking over the position left vacant by Pat Regan who will be working with the Australia-based QBE Insurance Group Ltd, the report said.
A Bloomberg report about the hiring said that Regan was one of the senior executives that remained at Aviva whose term preceded the appointment of CEO Mark Wilson. In a separate statement, the insurance firm said Regan will be giving up 1.3 million shares in incentive pay after he departs. He will also be surrendering 254,441 shares given through his bonus plan but he will be getting his salary, contributions to his pension and other benefits until such time that he will be leaving the company. Last month, Aviva said Regan will be staying with the firm until June, the report said.
During his stint at Blackstone, Stoddard served as Aviva's corporate adviser since the beginning of last year. According to the insurer, this role gave Stoddard an "in-depth knowledge of the business," the report said.
The appointment of Stoddard to the post is the most recent in the changes Aviva made to its top ranks when a revolt by shareholders removed the predecessor of current Chief Executive Officer Mark Wilson who took the post last year. Wilson has also been undertaking an overhaul of the insurer, reorganizing its priorities, divesting non-core assets and growing abroad, the report said.
Regulators have already approved Stoddard's appointment. A former banker at Credit Suisse, UBS and Lehman Brothers, Stoddard will begin to work in Aviva on May 5. Stoddard's basic yearly salary at Aviva will be £675,000 or $1.13 million. He will get a bonus of as much as one and a half times that amount.
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