Sir Adrian Montague is to become non-executive chairman of Aviva on the retirement of John McFarlane at the company’s AGM in April 2015.
McFarlane is to succeed Sir David Walker as chairman of Barclays, following its AGM also in April 2015.
The appointment of Montague follows a selection process by the nomination committee of the board, led by Scott Wheway, chairman of the governance committee.
Sir Adrian (pictured) joined the board of Aviva in January 2013, and became senior independent director in May 2013. He is currently non-executive chairman of 3i Group plc, non-executive chairman of Anglian Water Group, non-executive director of Skanska AB of Stockholm and CellMark Investments of Gothenburg, chairman of The Point of Care Foundation (charitable trust), and was recently announced as non-executive chairman of Manchester Airports Group.
The appointment has been approved by the PRA and FCA.
Sir Adrian says: “It will be a privilege to chair Aviva. The company is recovering strongly and delivering against its investment thesis of cash flow plus growth, under the new, strong management team ably led by Mark Wilson. John McFarlane has been an extraordinary chairman, and has made an immense contribution to Aviva's recovery. We are disappointed that he is leaving Aviva, but understand his excellent credentials to chair Barclays, and are very appreciative of all he has done for Aviva."
McFarlane says: “I am very pleased with the progress Aviva has made, and although it is naturally with some regret that I step down, I am glad to be leaving the company in safe hands. I have great respect for Adrian, having worked very closely together over the past two years. His considerable experience in financial services, including insurance, as well as in government and regulatory matters are invaluable to us. His appointment has my full support as well as that of the board and the senior executive team, and I wish him well.”