Direct Line has announced that its CEO and CFO will step down from their roles once the insurance giant is acquired by Aviva.
The acquisition is set to be complete on the 1st July, when CEO Adam Winslow and CFO Jane Poole will leave the company, after a deal was agreed in December.
Both will serve the first two months of their notice period on garden leave, during which time they will remain available for transitional support.
They will then leave employment and receive a payment in lieu of the remainder of their respective notice periods.
The news comes after Winslow’s pay packet drew scrutiny from shareholders, with 36.5% voting against the directors’ remuneration report at the firm’s AGM in May.
It was revealed that he took home more than £7.8m for the latest financial year, with £5.8m of that being awarded to compensate for a loss of earnings when he joined the insurer from Aviva’s general insurance business in March 2024.
Along with the two high-profile exits, ten non-executive directors also intend to resign at the same time.
With the departure of Winslow, Aviva UK and Ireland general insurance CEO Jason Storah will be his replacement.
The Newcastle University graduate has spent over two decades with Aviva, previously serving as CEO of Aviva Canada.
Meanwhile, Stephen Pond, CFO of Aviva UK and Ireland general insurance, will replace CFO Poole.
He brings a wealth of experience to the role and has worked for the company for nearly 30 years after spending time at Coopers & Lybrand and EY.
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