Aviva looks to kick-start growth as insurance veteran wins CEO race. The UK’s biggest insurer Aviva (AV.) named veteran insider Maurice Tulloch as its next chief executive on Monday, tasked with “re-energising” sluggish growth at the company. The FTSE 100 giant’s board, which ousted former chief Mark Wilson in October, finally approved Tulloch’s appointment last night. It picked him ahead of the other front-runner Andy Briggs, who heads Aviva’s UK insurance business. Tulloch, who travelled to address 2000 staff in Sheffield today, has been at Aviva for 26 years and has worked in almost every division. Most recently he was based in Canada as head of Aviva’s international business, which includes its Canadian and European markets.
British American Tobacco battered by smokers’ £6 billion court damages victory in Canada. Shares in cigarettes giant British American Tobacco (BATS) took a knock today after Canada’s Court of Appeal ruled it will have to cough up £6 billion in damages to a group of Quebec smokers. British American Tobacco had appealed a 2015 Quebec Superior Court ruling to award damages to some 100,000 Quebec smokers. They alleged the company’s subsidiary Imperial Tobacco Canada knew since the 1950s that its product was causing cancer and failed to warn consumers adequately. BAT said that its subsidiary would now review the court’s decision in more detail and decide on the next steps.
Metro Bank wins support of key backer in cash call. Metro Bank (MTRO) chairman Vernon Hill on Monday won the backing of a key investor as he tries to persuade shareholders to cough up £350 million to fill a hole in the accounts. Last week Metro Bank said it wanted to raise the cash after admitting a batch of property loans had been wrongly recorded in the accounts and are riskier than it had been reporting. That cash call was the second in a few months, putting pressure on Hill and chief executive Craig Donaldson. Metro Bank’s early backers include hedge fund king Steve Cohen and luxury homebuilder Bruce Toll.
Agricultural product maker Eden Research (EDEN) deserves its slice of good luck. Last week its latest product, named Cedroz, was given the thumbs up by the EU’s Regulatory Affairs Directorate in Malta. But before investors crack open the champagne, like everything to do with the EU, there is still more red tape to jump through as each member state must now grant their individual approval for the sale and use of Cedroz – a process that could take another two years. Should Eden receive the go-ahead then analysts at Shore Capital believe the firm will jump from being a small capper to a serious player. But for now investors will have to be patient as the company continues to rely on a natural pesticide called Mevalone to generate revenues. Eden is also looking to expand into the US and is currently awaiting regulatory approval by The Environmental Protection Agency for both Mevalone and Cedroz. The firm is also set to sell a head-lice treatment in September this year through its subsidiary TerpeneTech. Patience is a virtue and it’ll be needed with Eden Research.
Rich Ricci winning big on £15 million BetBright sale just a week before Cheltenham. Former Barclays banker-turned-racehorse owner Rich Ricci landed a big payday to spend at next week’s Cheltenham festival today after his betting website was bought by online rival 888 Holdings (888) for £15 million. Ricci first invested in Ireland’s BetBright website in 2016, becoming its executive chairman. Ricci, who will step down as chairman following the deal, said 888 had the reach and marketing ability to scale BetBright “into a much larger global business”. 888, which made a failed bid for William Hill in 2016, said the addition of the sportsbook was the “missing piece” for the company. The exact size of Ricci’s investment and whether he retains any stake in the firm is unclear.
Ray Kelvin ‘distressed’ as he quits Ted Baker fashion empire over Hug-gate. The boss and founder of Ted Baker (TED) admitted a probe into sexual harassment allegations against him had been “deeply distressing” as he shocked the City by stepping down on Monday. Ray Kelvin said: “The past few months have been deeply distressing and I’ll now be taking time privately with my family to consider what my next adventure will be.” Kelvin, who still owns 34% of the retailer, has built Ted Baker up into a global fashion brand since starting the business in 1988. There is an ongoing external investigation into allegations of inappropriate behaviour towards staff, led by lawyers at Herbert Smith Freehills, expected to last for at least an extra two months.
