The Kiwi boss of big UK insurer Aviva will pick up £6 million ($12.1m) in pay and benefits after being abruptly ousted by the board.
Mark Wilson, who once claimed he had inherited a lazy "couch potato" when he took on the top job in 2013, was informed of the decision on Monday on what sources described as a "difficult day", reports the Daily Telegraph.
Sir Adrian Montague, currently non-executive chairman, will assume executive responsibilities until a successor is found. A person close to the board's thinking said they wanted someone inside the insurance sector.
Wilson grew up in Rotorua and graduated from the University of Waikato – where he received a distinguished alumni award in 2017.
Sir Adrian said that Wilson was leaving the company, which provides life insurance, general insurance, health insurance and asset management to 33 million customers, in a stronger state than when he joined.