(updated with correction)
Alain Dromer has stepped down as CEO of Aviva Investors.
Pat Regan, CFO of insurer parent Aviva PLC, will oversee the £262 billion ($418 billion) asset management subsidiary until Mr. Dromer's replacement is found, spokeswoman Sue Winston said. Mr. Regan will also represent Aviva Investors on the firm's group executive committee until a replacement is named.
Mr. Dromer's departure was driven by a reorganization of the group-level business that Aviva announced Thursday, moving to “a new, flatter organization as part of our strategy to simplify and bring more focus to the business,” according to a news release.
Ms. Winston could not say whether further changes would be made immediately with the CEO position. If there are changes, they will be announced in May, she said.
The new CEO will report to Mr. Regan; Mr. Dromer had reported to group CEO Andrew Moss.
Attempts to reach Mr. Dromer were unsuccessful.
Aviva Investors announced in January it was cutting its European, emerging markets and sustainable responsible investment equity capabilities to focus on fixed income, multiasset strategies and real estate.
