Aviva has appointed Mark Wilson as chief executive, replacing Andrew Moss who left the insurer in May.
He will join the Aviva board on 1 December and become chief executive on 1 January. Chairman John McFarlane will step back from his executive duties and become non-executive chairman on 1 January.
Wilson will receive a basic salary of £980,000.
Wilson was previously chief executive and president of insurer AIA Group between 2006 and 2010.
Mark Wilson says: “It is a privilege to lead Aviva, an organisation with such a rich legacy and pedigree and many talented and dedicated people.
“It is acknowledged that over recent years the Company has not performed to its potential.”
He adds: “The chairman, John McFarlane, and the noard have articulated the first stage of the strategy that addresses the immediate issues and I look forward to continue working closely with the board on these priorities.
“The company will initially be judged on the execution of that strategy and I intend to pursue the execution with rigour and focus.”
John McFarlane adds: “The decision to appoint Mark was unanimous and I am confident he will not only execute the initial agenda currently in progress, but also steer the group forward successfully over the medium term.”