Top bosses of Direct Line are stepping down in a major leadership reshuffle after overseeing the £3.7 billion sale of the company to insurance giant Aviva, it has been announced.
Chief executive Adam Winslow and chief financial officer Jane Poole have both agreed to leave when the takeover completes.
It will also announce a new leadership team for Direct Line, with the acquisition expected to be completed in July.
The tie-up, which was agreed at the end of last year, will create a significant force in the motor insurance sector, estimated to cover more than a fifth of the total market.
Mr Winslow was handed a £7.8 million pay package for last year as the company prepared for the takeover.
Much of the pay deal was accounted for by a £5.8 million payment to cover the loss in earnings after joining from Aviva in March 2024, tasked with turning around the business.
It means his departure comes having been at the business for just over a year.
The takeover caused some concerns among workers at the two firms after Aviva revealed at the end of last year that around 2,300 jobs would be at risk amid cost-cutting efforts in the wake of the deal.
It is also being probed by the UK’s Competition and Markets Authority (CMA) to investigate if it will lessen competition in the UK – although Aviva recently said it was “confident” of the watchdog giving the all-clear for the deal.
Direct Line also announced a swathe of changes in its boardroom, including bringing in Ian Clark as its chairman.
