Embattled Direct Line confirms Aviva exec Winslow as man to lead turnaround charge
Direct Line has today confirmed the appointment of Aviva exec Adam Winslow as CEO of the company.
Speculation had been mounting after Sky News reported that the company, whose brands include Churchill and Green Flag, had been holding talks to appoint Winslow – the CEO of rival Avivas’ international operations since January 2021.
His appointment follows the departure of Penny James in January, who stepped down after the FTSE 250 company hit a tumultuous patch which saw an unexpected dividend cut and a tumble in its share price.
Winslow will rake in an annual salary of £820,000 and a pension allowance of 9 per cent, with additional perks on offer.
He will take up the position in the first quarter of 2024, succeeding Jon Greenwood, who had served as acting chief executive since January.
Adam Winslow said the company was one of the “UK’s leading insurers with some of the most recognisable brands in the retail and commercial market.”
“It’s a privilege to be invited to lead DLG into the future, particularly given its rich heritage and passion for serving its millions of customers.”
“I’m looking forward to working with my new colleagues to drive growth, deliver for customers and create long-term shareholder value,” he said in a statement to markets this morning.
Danuta Gray, Direct Line Groups’ Chair, said “Adam has deep expertise in the UK general insurance market and significant leadership experience, spanning two decades across personal and commercial lines insurance.
“The Board conducted an extensive search and Adam Winslow stood out for his strategic understanding of the sector, outstanding track record of leading high performing businesses and his focus on driving operational excellence to consistently meet customer needs.”
The entire UK general insurance market has struggled amid soaring inflation over the last year, but Direct Line has performed particularly poorly compared with rivals.