Clive Cowdery and former FSA chief executive John Tiner will step down from the Resolution board later this year.
Resolution founder Cowdery and Tiner, who was previously chief executive of the life sector consolidation vehicle, have notified the company they will not stand for re-relection as non-executive directors at the AGM in May.
In a statement to the London Stock Exchange, Resolution says: “Clive Cowdery and John Tiner were instrumental in the foundation of the company in 2008 and both now believe, as the group has completed its restructuring phase, that it is the right time to step down from the board.”
Cowdery and Tiner continue to hold an interest in the limited partner RCAP UK Limited, which holds a capital interest in Resolution Holdco No.1 LP, the Guernsey-based partnership structure through which Friends Life is owned.
Resolution says there are no immediate plans to replace Cowdery or Tiner on the company board.