Moss has potential successors waiting in the wings
Insurance Times set the national news agenda this week with Saxon East’s scoop that Aviva has appointed J.P. Morgan to advise on the sale of RAC. As we report, the acquisition of the business was Patrick Snowball’s baby and insiders say current group chief exec Andrew Moss was less than enamoured with the plan.
So now, with the rebrand firmly under his belt, Moss is looking to reshape the business according to his own vision. He has come under considerable pressure recently. RSA’s Andy Haste knocked him onto the back foot with sucker punch of a surprise bid for Aviva last year.
That may have gone away, but analysts weren’t slow to point out that one of the main attractions of the deal was Haste’s ability to lead it. He’s a City darling, whereas Moss has struggled to win enthusiastic support from investors.
The pressure is not just external. Inside Aviva, UK boss Mark Hodges, chief financial officer Pat Regan and the returning Igal Mayer are all hot tips to take over from Moss when the time comes. All are said to be running their own ‘election’ campaigns, with their own supporters and detractors.
Moss needs to see through a smooth sale at the right price or risk eroding investor confidence just as his successors are waiting in the wings. IT