Insurance, savings and investment group Aviva has named Tom Stoddard, currently senior managing director and head of Blackstone group’s global financial institutions advisory arm, as its chief financial officer.
Since the start of 2013, Stoddard has been a principal corporate adviser to Aviva in which time he has gathered an in-depth knowledge of the business, it said.
As a corporate finance professional at Blackstone, Stoddard was a member of the team which advised AIG after its rescue on dozens of divestitures and other transactions, including the $25bn of debt-for-equity exchanges with the Federal Reserve Bank of New York in 2009, as well as related decisions in 2010 to pursue the IPO of AIA, raising over $20bn and the sale of Alico to MetLife.
More recently he advised Bank of America on the sale of $5bn of preferred stock to Berkshire Hathaway; he advised IBRC on potential strategies to accelerate its wind down; he advised NYSE Euronext on its $13bn sale to ICE; and he advised WMI (formerly the Washington Mutual holding company) on its strategic financing partnership with KKR.
Stoddard will receive a basic annual salary of £675,000, alongside a standard executive director bonus opportunity of up to a maximum of 150 per cent of his basic salary annually. In addition will receive a standard executive director of 225 per cent of basic salary in 2014.
He will also be required to build a shareholding in Aviva to the value of 150 per cent of his basic salary.
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