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TMCNet:  Aviva nabs Blackstone man as CFO for GBP3.87m [Scotsman, The (Scotland)]

[March 01, 2014]

Aviva nabs Blackstone man as CFO for GBP3.87m [Scotsman, The (Scotland)]

(Scotsman, The (Scotland) Via Acquire Media NewsEdge) Insurer Aviva yesterday revealed it has poached private equity giant Blackstone's Tom Stoddard as chief financial officer on a potential pay package of GBP3.64 million.Stoddard, a senior managing director at Blackstone, will earn a bonus of up to 150 per cent of a basic salary of GBP675,000.Long-term incentive plans (LTIPs) stand to make him a further GBP1.52m, vesting in three years. Aviva will also pay up to GBP1m to buy out his deferred bonuses at Blackstone.Aviva said the bonuses and LTIPs were dependent on demanding targets on equity and shareholder returns.Stoddard replaces Pat Regan, whose departure for Australian rival QBE was announced in January.While at Blackstone, the new man had been a principal corporate adviser to the insurer since the start of 2013. Aviva, which employs 2,500 in Scottish offices in Perth and Bishopbriggs, said this had given him "an in-depth knowledge of the business".Stoddard has 20 years' experience in senior financial positions, specialising in insurance and financial services, and "a strong track record and reputation for restructurings and financial strategy".Mark Wilson, the chief executive charged with driving a turnaround at the group, said: "Tom is a high-calibre individual and an exceptional addition to our management team."He brings outstanding financial acumen, deep sector expertise, and impeccable commercial and market insight to Aviva. Tom will provide sound judgment and strong challenge - qualities I value highly."Stoddard said he was "thrilled" to be joining Aviva, admired the company's progress and welcomed "the opportunity to help take the company to the next level".


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