Aviva reveals cost of recruiting UK CEO
Trevor Matthews, UK CEO at Aviva, received £2.49m in cash and shares from Aviva as part of his compensation package for leaving Friends Life, the insurer has revealed in its Report and Accounts for 2011.
The document, published on Budget Day, also reported that Mr Matthews had been awarded an annual basic salary of £720,000. His predecessor Mark Hodges, now group chief executive at Towergate, had an annual salary of £635,000.
Mr Matthews was appointed on 2 December last year and the £2.49m figure was broken down as £470,000 cash in the first month of employment with the remainder being formed by a conditional share award.
This was split into three equal sections to be paid each March until 2014
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