Royal London has named former Standard Life Aberdeen head of UK Barry O’Dwyer as its new group chief executive.
O’Dwyer was previously deputy chief executive at Prudential’s UK and Europe business, having started his career at Standard Life, then moving to HBOS before returning to Standard Life in 2013.
The announcement ends a half-year-long search for the group’s new boss, after current chief executive Phil Loney announced he would step down last December.
Loney will step down on 28 June 2019 and remain available to the group for the rest of the calendar year. O’Dwyer is expected to take up the role in September 2019.
Royal London chairman Kevin Parry says: “After a rigorous selection process, the board is pleased that Barry O’Dwyer has been appointed group chief executive. His vision for our industry coupled with extensive experience of retail and wholesale pension and savings products will allow him to build on Royal London’s existing market position.
“Phil Loney has led seven years of major change in our business reflecting the introduction of pension freedoms and workplace pensions.
“The board thanks him for his unstinting commitment to the development of Royal London and wishes him well for the next stage of his career focusing on his charitable interests.”
O’Dwyer says: “I am delighted to be joining Royal London to build on the fantastic work of the last few years.
“The business has capitalised on some of the big trends in our market through a winning combination of great service to intermediaries and excellent value for customers and members.
“I hope to build on these cornerstones of success and ensure that Royal London builds on its mutual status remaining synonymous with great service and value.”
Loney says: “It has been a privilege to be the chief executive of the largest mutual insurance group. I shall miss the people that have contributed so much to our development over the term of my tenure and wish my successor and colleagues all the best for the future.”