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.
The Microsoft mogul told fans a few home truths during his Reddit AMA
First full-length look is finally here
- 1 Woman falls to her death as she celebrates marriage proposal at the edge of Ibiza cliff
- 2 Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
- 3 Ball pool for adults opens in London
- 4 Baldness could soon be treated using stem cells, scientists hope
- 5 Amal Clooney gives excellent response to fashion question at European Court of Human Rights
Woman falls to her death as she celebrates marriage proposal at the edge of Ibiza cliff
Boris Johnson claims porn-obsessed Islamic jihadists are 'literally w*****s'
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Teenager brandishing fake gun taken down by police after demanding airtime on Netherlands' NOS TV station
Ball pool for adults opens in London
9 reasons Greece's experiment with the radical left is doomed to failure
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
Have we reached 'peak food'? Shortages loom as global production rates slow
Greece elections: Syriza and EU on collision course after election win for left-wing party
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Liberal Democrat minister defends comments suggesting immigration causes pub closures
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