Former Aviva boss receives £4m payout - despite quitting last year
PUBLISHED: 13:53 26 March 2019 | UPDATED: 15:22 26 March 2019
A major Norwich employer has revealed it will pay its former boss more than £4m - despite the fact he quit last October.
Aviva, which has offices in Surrey Street, paid former executive Mark Wilson £2.2m in 2018 before he quit suddenly towards the end of the year.
Mr Wilson, who is on six months’ gardening leave, is now receiving a payout worth more than £4m after Aviva said it would continue to honour share awards worth £3m under its annual bonus plan, on top of £1.1m in salary and benefits this year in lieu of notice.
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However, Aviva has confirmed that Mr Wilson’s outstanding long-term incentive scheme share awards lapsed on departure - seeing him lose out on shares worth potentially more than £7m.
Mr Wilson’s shock exit came after more than five years at the helm.
He is credited with turning the company around, but a decision in March 2018 to join the board of rival asset manager BlackRock angered some shareholders, while Aviva’s share price has lagged behind that of other insurers for years.
In its annual report, Aviva’s remuneration committee said annual bonuses for directors were cut in 2018 to reflect “certain challenges of our making”.
Mr Wilson’s successor Maurice Tulloch - the group’s former international boss who was appointed chief executive earlier this month - said on unveiling annual results that he is determined to “re-energise” the insurer.