Aviva overhauls senior management team

Aviva has overhauled its senior management team and announced a revised strategic business plan after major shareholders raised serious concerns.

The insurer said its objectives would be to narrow the scope of its business, build its financial strength and improve its financial performance. Major shareholders at the insurer have expressed concerns over the scope of its international business, the firm's financial strength and its exposure to risk and the complexity of its financial statements. In a note to shareholders, new chairman John McFarlane, said Aviva would focus on fewer business segments where it could produce attractive returns with a high probability of success. He added it would aim to perform in line with indu...