Aviva chairman to step down

The chairman of Aviva has announced he it to step down later this year to make room for new talent as the company embarks on a plan to cut costs.

Sir Adrian Montague said, “When I became chairman in 2015 the board asked me to commit to serve for at least five years.”

Maurice Tulloch Aviva’s new chief executive has pledged to run the business better and cut bills by £300m a year in a new cost cutting initiative.

Sir Adrian said, “Now that Maurice has launched Aviva’s strategy, a new senior management team is in place and the board has been refreshed, it is also time for a new chairman.”

George Culmer, senior independent director said, “On behalf of the board, I would like to express our deep thanks to Adrian for his service, leadership and guidance over the past seven years.

“Adrian has chaired Aviva through a period of considerable change and departs with our very best wishes for the strong legacy he leaves.”