Business week in review
Sunday 25 November 2012
Insurance industry weeks don't get bigger than this, as MasterChef's Gregg Wallace would surely say if he swapped grub for financial services.
On Tuesday, former AIA boss Mark Wilson was named as Aviva's new chief executive. For months, insurance insiders and City hacks worked feverishly to track down the successor to Andrew Moss, who was forced out after a shareholder pay revolt earlier this year.
The 46-year-old Kiwi has a £5.4m pay deal, but not the "golden hello" received by other recent Aviva recruits.
Over at RSA, Martin Scicluna was revealed as chairman on Thursday, as first reported by our daily sister paper. The former UK chairman of Deloitte, replaces John Napier in January and will quit Lloyds Banking Group's board.
That same day, The Independent also broke the news that Edmund Truell, the founder of private equity house Duke Street, was the preferred bidder for the £100m-valued motor insurer Equity Red Star.
...at a loss
This year's "Black Tuesday" was not quite as devastating as that of 1929, but such was the bad news for two of Britain's business titans that the moniker seems well-deserved.
Sir John Bond quit as chairman of mining giant Xstrata, as shareholders voted down a £140m pot of retention bonuses for senior staff. Bond wanted the pot as part of the Swiss-based group's £56bn merger with commodities trader Glencore, arguing that the financial incentive was vital to keep Xstrata's best managers on board.
Mike Lynch, the millionaire founder of former FTSE 100 darling Autonomy, is in a fight to save his reputation after Hewlett Packard wrote off $8.8bn (£5.5bn) on its acquisition of the software firm for $10.3bn last year. Lynch said allegations of "serious accounting improprieties", lodged by the US giant, were "completely and utterly wrong".
To top things off, UBS fraudster Kweku Adoboli was jailed on Tuesday for his £1.4bn losses.
- 1 Forget 'The Dress': Here are five of the biggest news stories you might have missed
- 2 The black and blue dress: Makers considering a white and gold version
- 3 PornHub turns masturbation into energy in bid to save the planet
- 5 Saudi Muslim cleric claims the Earth is 'stationary' and the sun rotates around it
New theory could prove how life began and disprove God
This is what it's like to be dead, according to a guy who died for a bit
'Cash for access' scandal: Sir Malcolm Rifkind says 'unrealistic' for MPs to live on £67,000 salary
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Ukip would cut billions from Scottish budget to fund English tax cuts
Russia's roadmap for annexing eastern Ukraine 'leaked from Vladimir Putin's office'
iJobs Money & Business
£40000 - £50000 per annum + pro rata: SThree: SThree Group have been well esta...
£30000 - £37000 per annum: Recruitment Genius: Established in 1999, a highly r...
£250-£300 Day Rate: Jemma Gent: Are you a qualified accountant with strong exp...
£230 - £260 Day Rate: Jemma Gent: Do you want to stamp your footprint in histo...