Insurance group Aviva Plc (AV.L,AV) Friday announced the appointment of Patrick Regan as Chief Financial Officer. Patrick is currently serving as group Chief Operating Officer and Chief Financial Officer of insurance broker Willis Group Holdings (WSH). Separately, Willis Group said that it has initiated a search for a new Chief Financial Officer to replace Regan in early 2010.
Aviva said Patrick will join the company during February 2010 and will become a member of the group's Board. He will succeed Philip Scott who steps down as Executive Director and Chief Financial Officer of Aviva at the end of 2009, after a career spanning 36 years with the group.
At Willis, Regan will remain through the year-end reporting and completing regulatory filing process for 2009. He will also assist with the search for a successor and ensure a seamless transition before joining Aviva. Willis said that it has retained Spencer Stuart, a leading executive search consulting firm, to assist with the recruitment process.
Patrick joined Willis as an Executive Officer in January 2006. He became the company's Chief Financial Officer in March 2006 and took on the additional responsibilities of Chief Operating Officer last year. He recently established Willis Capital Markets & Advisory and is Chairman of that business.
Aviva said that Patrick has deep experience of the financial services sector gained in both the UK and USA over 21 years. His previous roles include group financial controller at RSA and finance & claims director, UK general insurance for AXA. He has also held senior finance roles at GE and specialised in corporate finance and investigations at Grant Thornton.
Commenting Patrick's appointment, Andrew Moss, group chief executive of Aviva, stated, "He has a deep understanding of the insurance business and a track record of leading change to improve financial performance and reporting. He brings a global perspective and a disciplined and highly strategic approach."
AV.L is trading at 428.50 pence on the LSE, down 0.60 pence, on a volume of 2.63 million shares. On the NYSE, AV ended trading at $14.70 on Thursday.
WSH closed Thursday's trading at $27.04, up $0.14, on a volume of 1.03 million shares.
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