Insurance firm Aviva has announced that chief executive Andrew Moss will be leaving with immediate effect.
The move comes after the firm suffered the embarrassment of losing a shareholder vote on executive pay at its annual meeting last week.
Aviva shareholder and former Chief Executive of Greggs Bakers, Sir Michael Darrington, told the Today programme that Aviva must make sure Mr Moss' successor is paid "significantly less".
The pay for executives "has got out of hand", he said. "I suspect that Mr Moss will end up with quite a nice severance package."
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