Ex-Grupo Santander director joins as head of Aviva’s business in Spain

Gerardo Aróstegui has stepped down as the head of Aviva's businesses in Spain.

Aróstegui, 58, will step down by the end of the year and will be succeeded by David Angulo, 37, who is currently insurance division director at Abbey, part of Grupo Santander.

Angulo will join Aviva on October 1 and will become chief executive officer of Aviva Spain at the beginning of 2008.

Aróstegui said: "My decision has been thoroughly and consciously thought through and is based upon my firm belief that, after 23 years as Aviva Spain's CEO, the time has come for a generational change.”

"Aviva Spain is in the optimal position to embrace this change: we are in a market-leading position in the Spanish life and pensions market, have a successful business model and provide a consistently high value contribution to Aviva. This is a perfect point for a young and eager person to succeed me, and David is undoubtedly the right man for that role."

Tidjane Thiam, group executive director Aviva Europe, paid tribute to the part Aróstegui has played in the growth of Aviva Spain: ''Gerardo has made an extraordinary contribution to the development of Aviva in Spain, creating one of our key business units.”

"He has been a true role model in terms of his skills and values. Throughout his career Gerardo has combined exceptional competence, professionalism and dedication with a keen understanding of human relationships. He has not only been a very positive influence in the success our businesses, but also in the lives and careers of all those who've had the privilege of working with him. I wish him a very happy and well-deserved retirement.”