“[Amanda Blanc] is doing her job, but I’ve got my job to do, which is to drive value for shareholders,’ says Winslow
Direct Line Group (DLG) chief executive Adam Winslow has pleaded with shareholders to back his turnaround plan instead of accepting Aviva’s takeover proposal.
In November 2024, DLG rejected a £3.28bn bid from its rival insurer, saying the offer was “highly opportunistic and substantially undervalued the company”.
However, the according to The Guardian, Aviva chief executive Amanda Blanc “has been on a charm offensive, talking to a number of Direct Line shareholders to persuade them of the merits of its approach and to get them to encourage the board to engage in talks”.
Winslow has now appealed to shareholders to give him more time to turn DLG around for the better.
According to City AM, Winslow told The Sunday Times: “We’re making excellent progress in the early stages of a significant turnaround, with a refreshed and world-class leadership team in place to deliver the strategy.
“People like to talk Direct Line down, but since arriving as chief executive in March, and having received two takeover bids already, it’s clear we’re a very attractive company.”
Blanc remark
Winslow joined DLG from Aviva, where he most recently served as the chief executive for UKGI.
Read: DLG ‘declines to engage further’ with Aviva after takeover attempt
Read: DLG reveals plans to axe around 550 jobs to cut costs
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Speaking about his former boss Blanc, he said: “I respect her. She’s doing her job, but I’ve got my job to do, which is to drive value for shareholders.”
Among Winslow’s plans for DLG is to remove at least £100m of costs by the end of 2025 on a run-rate annualised basis.
Aviva said a deal would help DLG carry out its current cost savings programme.
The insurer said: “Aviva believes that the acquisition would deliver material cost and capital synergies, incremental to DLG’s existing cost savings programme.”
According to British takeover rules, Aviva has until 25 December 2024 to make a firm offer or walk away.
His career began in 2019, when he joined a local north London newspaper after graduating from the University of Sheffield with a first-class honours degree in journalism.
He took up the position of deputy news editor at Insurance Times in March 2023, before being promoted to his current role in May 2024.View full Profile
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