Direct Line CEO and CFO to step down ahead of Aviva deal

(Sharecast News) - Direct Line's chief executive and chief financial officer are to exit the business at the start of next month as part of the insurer's merger with Aviva. The reshuffle follows last week's news that all regulatory and antitrust approvals regarding the £3.7bn acquisition have been satisfied or waived, with the transaction expected to take effect on 1 July.

CEO Adam Winslow and CFO Jane Poole will serve the first two months of their notice period on garden leave, but be available to transitional support, Aviva said.

Meanwhile, all other non-executive directors of Direct Line will also resign following the deal.

Jason Storah and Stephen Pond, currently the CEO and CFO of Aviva's UK and Ireland general insurance business, respectively, are to step in as Winslow and Poole's successors. Aviva non-executive director Ian Clark has been named as Direct Line's new chair.