Direct Line boss Adam Winslow to step down within days as Aviva completes £3.7bn takeover
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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.
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