Direct Line’s CFO & CEO to exit post-Aviva merger completion
Direct Line’s executive suite is set for a significant shake-up as Chief Executive Adam Winslow and Chief Financial Officer Jane Poole prepare to step down following the insurer’s £3.7 billion takeover by Aviva.
The leadership changes mark a swift exit for both executives, with Winslow having joined from Aviva just over a year ago.
The insurer confirmed that Jason Storah, currently heading Aviva’s general insurance operations in the UK and Ireland, will take over as CEO of Direct Line once the deal finalizes. Stephen Pond, his counterpart in finance at Aviva’s general insurance unit, will assume the role of CFO.
The reshuffle comes amid ongoing regulatory scrutiny. The UK’s Competition and Markets Authority (CMA) is currently reviewing whether the proposed acquisition could reduce competition in the motor insurance sector.
Aviva, however, maintains confidence that the deal will receive approval, with completion targeted for July.
Direct Line noted that a full leadership team will be announced once the deal closes.
The acquisition, which will create a combined group with over a 20% share of the UK motor insurance market, has also raised employee concerns.
Aviva disclosed at the end of last year that approximately 2,300 roles could be at risk post-merger due to anticipated cost synergies.
Winslow joined Direct Line in March 2024, returning from Aviva with a turnaround mandate. His total pay package for 2023 stood at £7.8 million, including a £5.8 million award compensating for lost earnings in his prior role.
With his exit tied to the Aviva acquisition, his tenure as chief executive will end just 16 months after it began.
Poole, who served as Direct Line’s CFO during a turbulent period marked by declining profits and strategic repositioning, will also depart as part of the post-merger integration plan.
Meanwhile, Direct Line’s governance structure is undergoing a parallel refresh. The company announced that Ian Clark will become its new chair, adding further momentum to the firm’s boardroom overhaul.