Latest news with #AdamWinslow
Yahoo
01-07-2025
- Business
- Yahoo
Direct Line bosses stepping down in leadership reshuffle ahead of Aviva tie-up
Top bosses of Direct Line are stepping down in a major leadership reshuffle after overseeing the £3.7 billion sale of the company to insurance giant Aviva, it has been announced. Chief executive Adam Winslow and chief financial officer Jane Poole have both agreed to leave when the takeover completes. It will also announce a new leadership team for Direct Line, with the acquisition expected to be completed in July. The tie-up, which was agreed at the end of last year, will create a significant force in the motor insurance sector, estimated to cover more than a fifth of the total market. Mr Winslow was handed a £7.8 million pay package for last year as the company prepared for the takeover. Much of the pay deal was accounted for by a £5.8 million payment to cover the loss in earnings after joining from Aviva in March 2024, tasked with turning around the business. It means his departure comes having been at the business for just over a year. The takeover caused some concerns among workers at the two firms after Aviva revealed at the end of last year that around 2,300 jobs would be at risk amid cost-cutting efforts in the wake of the deal. It is also being probed by the UK's Competition and Markets Authority (CMA) to investigate if it will lessen competition in the UK – although Aviva recently said it was 'confident' of the watchdog giving the all-clear for the deal. Direct Line also announced a swathe of changes in its boardroom, including bringing in Ian Clark as its chairman.
Daily Mail
23-06-2025
- Business
- Daily Mail
Direct Line boss Adam Winslow to step down within days as Aviva completes £3.7bn takeover
Direct Line boss Adam Winslow is set to step down within days as the company's £3.7billion takeover by Aviva completes. Winslow has run the insurer for just over a year, having joined from Aviva. Jason Storah, who filled his old role at Aviva, will now be in charge of Direct Line. There is said to be no love lost between Winslow and Aviva boss Amanda Blanc, and his position has looked precarious since the takeover was agreed in December. Aviva expects it to complete next Tuesday. Direct Line swung to a £205million profit in 2024 from a £190million loss the year before. Now Winslow is leaving alongside chief financial officer Jane Poole, who will be replaced by Aviva's Stephen Pond. The tie-up will create a significant force in the motor insurance sector, estimated to cover more than a fifth of the market. Winslow was handed a £7.8million pay package, much of it a payment to cover the loss in earnings after joining from Aviva. Aviva has said around 2,300 jobs are at risk in the wake of a deal which is being probed by the UK's Competition and Markets Authority.
The Independent
23-06-2025
- Business
- The Independent
Direct Line bosses stepping down in leadership reshuffle ahead of Aviva tie-up
Top bosses of Direct Line are stepping down in a major leadership reshuffle after overseeing the £3.7 billion sale of the company to insurance giant Aviva, it has been announced. Chief executive Adam Winslow and chief financial officer Jane Poole have both agreed to leave when the takeover completes. Jason Storah, the current boss of Aviva's general insurance business in the UK and Ireland, has been named as Direct Line's chief executive. And Stephen Pond, the finance chief of the same division, will become its chief finance officer. The company said a leadership team for Direct Line will be confirmed when the acquisition is completed – which it expects to happen in July. The tie-up, which was agreed at the end of last year, will create a significant force in the motor insurance sector, estimated to cover more than a fifth of the total market. Mr Winslow was handed a £7.8 million pay package for last year as the company prepared for the takeover. Much of the pay deal was accounted for by a £5.8 million payment to cover the loss in earnings after joining from Aviva in March 2024, tasked with turning around the business. It means his departure comes having been at the business for just over a year. The takeover caused some concerns among workers at the two firms after Aviva revealed at the end of last year that around 2,300 jobs would be at risk amid cost-cutting efforts in the wake of the deal. It is also being probed by the UK's Competition and Markets Authority (CMA) to investigate if it will lessen competition in the UK – although Aviva recently said it was 'confident' of the watchdog giving the all-clear for the deal. Direct Line also announced a swathe of changes in its boardroom, including bringing in Ian Clark as its chairman.
Wall Street Journal
23-06-2025
- Business
- Wall Street Journal
Direct Line CEO and CFO to Step Down Amid Aviva's Acquisition Process
Direct Line Insurance Group DLG -0.46%decrease; red down pointing triangle said that Chief Executive Adam Winslow and Chief Financial Officer Jane Poole are set to step down as part of a management reshuffle following its agreed merger with Aviva AV -0.67%decrease; red down pointing triangle. The U.K insurance company on Monday said that both Winslow and Poole will serve the first two months of their notice period on paid leave, during which time they will remain available for transitional support.
North Wales Chronicle
17-06-2025
- Business
- North Wales Chronicle
Aviva set to complete £3.7bn takeover of Direct Line in July
The Competition and Markets Authority (CMA) is not due to report back on its so-called phase one investigation on the takeover until July 10 but Aviva said it was 'confident' of receiving the all-clear for the deal. 'Following constructive engagement with the CMA, Aviva remains confident of securing unconditional clearance by the phase 1 statutory deadline,' it said. Aviva is pressing ahead with plans for a court hearing to sanction a July 1 completion of the takeover, which was first announced on December 23 last year. The combined group will be a significant force in the motor insurance sector, estimated to cover more than a fifth of the total UK market. Direct Line owns the Churchill and Green Flag brands, as well as its namesake brand as part of a portfolio offering car, pet, home and other insurance policies. But the scale of the combined group and its share of the market caught the attention of the CMA. The regulator announced in May that it would look at whether the deal would result in a 'substantial lessening of competition' in the sector, though the probe was expected given the size of the two players. The takeover has also caused concerns among workers at the two firms after Aviva revealed at the end of last year that around 2,300 jobs would be at risk amid cost-cutting efforts in the wake of the deal. The takeover will see Aviva pay 129.7 pence in cash and 0.2867 of its own shares for each Direct Line share. It will also pay up to 5p in dividend payments per share to Direct Line shareholders. Aviva shareholders will own approximately 87.5% of the new company while Direct Line shareholders will own about 12.5%. Before the Aviva deal was agreed, Direct Line had fended off a takeover attempt by Belgian company Ageas earlier in 2024. Chief executive Adam Winslow joined Direct Line in March with the goal of turning it around, having been appointed following the ousting of Penny James from the top job. Direct Line has since announced £100 million of cost cuts and axed 550 jobs.
