British Insurance firm Aviva's chief executive officer Andrew Moss has stepped down from his position with immediate effect after shareholder revolt over pay.

The board has requested chairman designate John McFarlane to become interim executive deputy chairman with immediate effect and executive chairman from 1st July pending the appointment of a new chief executive officer.

Aviva chairman Lord Sharman said that Andrew Moss had approached him with the decision to quit the job in the best interests of the company.

Moss took over as chief executive of the UK’s second-largest insurer by market capitalisation in 2007.

The British government had unveiled proposals in early 2012, which could lead to shareholders holding binding votes over executive pay and the establishment of diverse boards and remuneration committees.

Recently, shareholders at Barclays and Citigroup have also rejected the board’s compensation plan for their executives respectively.