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LONDON - Direct Line (LON:DLGD) Insurance Group plc announced Monday that CEO Adam Winslow and CFO Jane Poole will step down from their positions when the company’s acquisition by Aviva (LON:AV) becomes effective on July 1, 2025.
The executives will serve the first two months of their notice periods on garden leave, providing transitional support before receiving payment for their remaining notice periods, according to a company statement.
All ten non-executive directors of Direct Line, including Chair Danuta Gray, also plan to resign when the acquisition takes effect.
Aviva has named Jason Storah as Direct Line’s new CEO, in his capacity as Chief Executive Officer of Aviva’s General Insurance UK&I business. Stephen Pond will assume the role of CFO.
The board will be reconstituted with Ian Clark as Chair, Deepak Haria as Senior Independent (LON:IOG) Director and Audit Committee Chair, along with six other non-executive directors.
The leadership changes follow regulatory and antitrust approvals for the acquisition, which was first announced on December 23, 2024. The transaction is structured as a court-sanctioned scheme of arrangement under Part 26 of the Companies Act.
The Court Sanction Hearing is scheduled for July 1, when the scheme is expected to become effective. The acquisition involves a recommended cash and share offer for Direct Line’s entire issued and to be issued share capital.
Morgan Stanley (NYSE:MS), Robey Warshaw, and RBC Capital Markets are acting as financial advisers to Direct Line, while Citi and Goldman Sachs International are advising Aviva.
The information was disclosed in a regulatory filing based on a press release statement from Direct Line Insurance Group.
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