Direct Line confirm leadership due to depart when acquisition by Aviva completes
By Scott Vincent
June 23 - (The Insurer) - Direct Line Group confirmed in a Stock Exchange announcement on Wednesday that CEO Adam Winslow and chief financial officer Jane Poole will both step down from their roles after the company’s acquisition by Aviva completes on July 1.
Winslow and Poole will continue in their roles until the deal completes via the previously announced scheme of arrangement.
DLG said they will then serve the first two months of their notice period on gardening leave, where they will be available to support if necessary, before leaving their employment and receiving a payment in lieu for the remainder of their notice periods.
On completion of the deal, Direct Line will become part of Aviva’s General Insurance and Ireland business, which is led by CEO Jason Storah. A new leadership team for Direct Line is set to be announced when the deal completes.
Direct Line’s non-executive directors will also resign from their roles on completion of the deal.
In the Stock Exchange filing, the company said Danuta Gray, Dr. Richard Ward, Tracy Corrigan, Mark Gregory, Carol Hagh, Adrian Joseph, Mark Lewis, Fiona McBain, David Neave, and Gregor Stewart also intend to resign from its board when the scheme becomes effective.
They will be replaced by a board of directors from within Aviva, led by Ian Clark as chair.
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