08/05/2012 03:30 BST | Updated 07/07/2012 06:12 BST

Aviva CEO: Boss Of UK Insurance Company Andrew Moss To Step Down After Pay Row

Boss of UK insurance company Aviva, Andrew Moss, is to step down, after a row with shareholders over pay, BBC radio four has reported.

Moss decided to resign after last week's vote of no confidence by investors,where 59% of investors in the insurance company voted against a renumeration report at their annual meeting, reports BBC news.

It was seen as an act of rebellion after proposals to raise Moss's salary, despite the company's share price plummeting.

The Oxford graduate offered to waive a near-5% pay rise which would have taken his annual salary over the £1 million mark but this was not enough to appease investors, who have been hit by a 30% drop in the share price in the last year.

The 54-year-old, who has worked for Lloyd's of London and HSBC, leaves after two other chief executives, David Brennan at AstraZeneca and Trinity Mirror's Sly Bailey, stepped down amid increasing shareholder discontent.

Despite Moss turning down the pay rise, he is to be replaced with immediate effect by Chairman Designate John McFarlane while a new Chief Executive Officer is sought, reports Sharecast.