Aviva Europe boss quits in culture clash

Aviva is replacing its European chief after just 18 months in the job, after an apparent clash of cultures.

Andrea Moneta CV

The insurer says Italian Andrea Moneta is leaving at the end of next month 'by mutual consent'.

He is likely to walk away with more than £2m in cash and shares. Moneta is thought to have rubbed fellow directors up the wrong way and failed to inspire his staff. 

He will be replaced by insider Igal Mayer, who will be elevated to the main board.

Moneta is likely to walk away with a multi-million pound golden parachute. He is on a 12-month rolling contract and earned £1.6m pay and bonus in 2009. He is likely to also receive compensation for long term share awards.

According to the last annual report, he had more than half a million shares worth £2.1m. He was still owed £672,000 as part of his signing-on package and was entitled to school fees and other perks.

Moneta joined Aviva in 2008 and was promoted to be chief executive of Europe, Middle East and Africa in September 2009.

He had joined the group from Dubai Financial Group, an investment fund based in the United Arab Emirates, where he worked as managing director. Aviva praised Moneta for helping to transform the European business, which saw a 10pc rise in third quarter sales and 'continues to perform strongly'.

But it said Mayer becomes head of the European operations with immediate effect. Mayer is an Aviva man through and through, having worked at the insurer for the last 20 years. Richard Hoskins, who is chief financial officer of US operations, is promoted to Mayer's old job.

Aviva shares fell 6.7p to 430.71p, just 8p higher than they were a year ago.

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