Insurance giant Aviva has announced that its chief executive, Andrew Moss, is to leave the group with immediate effect.
The decision, instigated by Moss, follows Aviva's annual general meeting last week, when angry shareholders voted against the group's remuneration package.
Aviva said chairman designate John McFarlane is to become interim executive deputy chairman with immediate effect and executive chairman from 1 July pending the appointment of a new CEO.
It said the process of finding a new CEO is expected to take several months.
Lord Sharman, chairman of Aviva, confirmed that Andrew Moss had approached him with the decision that he felt it was in the best interests of the company that he step aside to make way for new leadership.
McFarlane has previously been chief executive officer of Australia and New Zealand Banking Group Limited (ANZ).
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