Aviva PLC (LON:AV.) has appointed its head of international insurance as chief executive, replacing Mark Wilson.
Maurice Tulloch, who has been with Aviva since 1992 and joined the board in June 2017, will become chief executive with immediate effect ahead of the group’s full-year results on Thursday.
As the chief executive of Aviva’s international insurance arm, Tulloch is responsible for the group’s life insurance and general insurance operations in France, Canada, Ireland, Italy, Poland, Turkey and India.
READ: Aviva chief executive Mark Wilson to step down next April
He was previously head of the company’s UK and Ireland general insurance division.
Tulloch will be 'outstanding CEO', says chairman
Adrian Montague, who was acting in an executive capacity while the company searched for a new boss, will return to his duties as non-executive chairman.
"Maurice will be an outstanding chief executive of Aviva,” Montague said.
“He knows the business inside out. He has led our businesses in the UK and internationally and built strong teams across life insurance and general insurance.
“Maurice knows our strengths, knows where we need to improve and has a deep understanding of insurance and customers' needs. He is exceptionally well qualified to re-energise Aviva and deliver long-term growth.”
Aviva announced last October that Wilson plans to step down as chief executive in April this year after six years in charge.
Wilson had said the time was right to move on having completed the turnaround he was brought in to implement.
Investors will now be looking to Tulloch to hear his new strategy for the business.
Overall direction of Aviva unlikely to change, says ShoreCap
Shore Capital said the appointment of Tulloch as chief executive suggests the overall direction of the group is unlikely to change dramatically.
"Mr Tulloch has been on the board for some time and therefore has been part of the decisions that have been made in the past," the broker said.
"There is scope for some changes, with a renewed vigour around customer experience and returns for shareholders but we would not expect wholesale changes to the strategy at this stage."
ShoreCap added: "Given that there were other potential internal candidates, we will have to wait and see if there are any other senior roles reallocated.
"At the very least, there will need to be a replacement for Mr Tulloch’s previous role within the business as head of International."
Shares in Aviva were little changed at 431.8p in morning trading.