Mark Wilson, the chief executive of insurance giant Aviva PLC (LON:AV.), is to step down next April.
The New Zealander, who has been at the helm for almost six years, said the time was right to move on having completed the turnaround he was brought in to implement.
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“I have achieved what I wanted to achieve and now it's time for me to move on to new things,” said Wilson.
“It has been an honour to lead Aviva through this period of immense change. I am happy I leave the company in a strong position from which it can thrive.”
Chairman Adrian Montague thanked Wilson, adding that the company is in a “far stronger state” than when he first took up the role.
“We have agreed with Mark this is the right time for a new leader to ensure Aviva delivers to its full potential,” said Montague.
“Our priority is to ensure, with our new chief executive, that we have the right strategy, focus, capabilities and leadership.”
'Turnaround complete'
Wilson joined Aviva in January 2013 and was tasked with improving the group’s financial performance and strengthening its balance sheet.
Under his leadership, Aviva has grown operating profits and been streamlined from 28 markets to 14, most recently exiting the Spanish market.
The balance sheet is much healthier too, with the company having a Solvency II surplus of £11bn at the end of June.
The search for Wilson’s successor is to get underway immediately, with Aviva looking at candidates from both within the company as well as external candidates. The process is expected to be completed by February.
Wilson will remain with the group until April 2019 and will assist with the planned and orderly transition.