£1m-a-year Aviva finance boss quits

ONE of the most lucrative finance directorships in the City came up for grabs today after Aviva's Mike Biggs said he was quitting his £1m-a-year job.

His departure comes just weeks after a top-level reshuffle of responsibilities, at the insurance giant which includes Norwich Union.

Aviva insiders are said to be miffed at his timing as the reshuffle was announced in May but he gave no indication of his decision then.

In a statement, Biggs explained: 'This has been a tough decision to make but, having completed a number of key development phases for the group, I feel that now is the right moment for me to take time out to think about new and different challenges.'

Aged 50 and with grown-up children, colleagues said it was a 'lifestyle decision' and that he has no new job to go to.

The mergers which created CGNU, now rebranded Aviva, brought him a £200,000 bonus last year, the sort of so-called transaction bonus which corporate governance police are trying to stamp out.

He handed in his notice this week and will work to the end of the year, at which point he will receive no additional compensation. He leaves with a pension pot in excess of £1m.

Chief executive Richard Harvey, a former group finance director, said: 'I am very sorry to see him go but respect his decision to reassess his future.'

A private man, biographical notes on Biggs record only a love of historical churches, gardening and antiques.