Aviva selects RBS director McFarlane as new chairman
Monday 06 June 2011
Aviva is to appoint John McFarlane as its new chairman, ending the insurer's 10-month search to find a successor to Lord Sharman.
Mr McFarlane, who made his name turning around a major Australian bank, is poised to join Aviva's board as a non-executive later this summer and is likely to become chairman at about the time of its annual meeting next year.
His name is already thought to have been submitted by Aviva to the Financial Services Authority, the City watchdog, for approval, although it could be a fortnight before he starts work.
The hiring of Mr McFarlane comes at a testing time for Aviva, which last week suffered the resignation of Mark Hodges, head of its UK business, who was tipped as successor to the chief executive, Andrew Moss. The insurer moved quickly to replace Mr Hodges with Trevor Matthews, the former chief executive of Friends Provident.
The hunt for a new Aviva chairman was the subject of intense speculation that had also linked Sir Richard Broadbent, the deputy chairman of Barclays, to the role. While Mr McFarlane is thought to have always been in contention, his candidacy was bolstered when Sir Richard decided to take the chairmanship of Tesco.
Mr McFarlane was born in Dumfries, Scotland, but made his mark reviving the fortunes of Australia and New Zealand Bank, which he led for a decade until 2007. He also has substantial experience in UK boardrooms, having been a non-executive director at Royal Bank of Scotland since 2008. He is also on the board of Westfield, the Australian shopping centre operator with malls in Britain, and of the London and Dubai-based asset manager Toscafund.
The current strategy of Aviva, the world's sixth-largest insurer with 53.4 million clients, is to focus on its 12 biggest markets, including Britain, France, Turkey, Russia, Canada, the US, China and India.
- 1 Sainsbury's '50p challenge' poster telling staff to encourage customers to spend more placed in shop window instead of staff room
- 2 Five-year-old Iris Grace is raising awareness of autism through her extraordinary paintings
- 3 Isis an hour away from Baghdad - with no sign of Iraq army being able to make a successful counter-attack
- 4 Yes, the iPhone 6 is a miracle, but it's Apple's tax affairs that deserve a double take
- 5 Car tax disc changes: Two days to go - and they affect you much more than just not displaying a piece of paper
Isis could become 'world’s first truly terrorist state' and bomb UK with nuclear and chemical weapons, Theresa May warns
Car tax disc changes: Five facts you never knew about your (almost obsolete) tax disc
Five-year-old Iris Grace is raising awareness of autism through her extraordinary paintings
Car tax disc changes: Two days to go - and they affect you much more than just not displaying a piece of paper
Isis an hour away from Baghdad - with no sign of Iraq army being able to make a successful counter-attack
Isis, we are told, is a 'clear and dangerous threat to our way of life'. I’m sorry, but I just don’t buy it
Exclusive: 'Putin's Russia has been my biggest regret,' says Nato's outgoing Secretary General
The Osborne Ultimatum: Chancellor’s benefits freeze bombshell will affect ten million households
There’s no excuse for Dave Lee Travis’s behaviour, but we need to keep a sense of proportion
Should gay sex be illegal? 16% of Britons think so
Mark Reckless becomes second Tory MP to defect to Ukip in a month
- < Previous
- Next >
iJobs Money & Business
£18000 - £23000 per annum + Commission: SThree: Real Staffing are currently lo...
NEGOTIABLE: Austen Lloyd: TRUST ACCOUNTANT - KENTIf you are a Chartered Accou...
£18000 - £20000 per annum + OTE £30000: SThree: SThree are a global FTSE 250 b...
Highly Competitive Salary: Austen Lloyd: CITY - Law Costs Draftsperson - NICHE...