Pay revolt: Insurer Aviva’s CEO quits

Insurer Aviva,hit last week by one of the biggest pay revolts ever suffered by a British company,said on Tuesday its Chief Executive Andrew Moss had stepped down with immediate effect.

The group said he would be replaced by Chairman Designate John McFarlane in the interim. Moss had told the company that he believed it was in the best interest of the firm for him to step aside.

Last week Moss waived his 2012 salary increase following shareholder concerns over executive pay,which culminated in half of the group’s investors revolting on remuneration at its annual general meeting three days later.