Chief executive Mark Wilson set to announce further round of cost savings
Aviva chief executive Mark Wilson has warned staff that bonuses will be withheld unless they hit targets related to the company’s £400m cost savings plan, according to reports.
The Sunday Times says Aviva, which has already cut 2,000 staff and sold off non-core businesses since announcing plans to save £400m in July last year, will reveal more cuts at its interim results this Thursday.
The Independent reports that Wilson is set to cut Aviva’s dividend by 44% to 5.6p.
However, Wilson’s tough approach is winning praise from analysts.
Panmure Gordon analyst Barrie Cornes said: “It would appear that Aviva is making steady progress in rebuilding investor confidence with the realistic approach being taken by Mark Wilson and the emphasis on cash and repaying debt.
“We welcome the back-to-basics approach being taken by the new management team, but remain cautious given the size of the task ahead.”
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