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Henderson chairman steps down to join Royal London

Henderson Group chairman Rupert Pennant-Rea is stepping down to join the Royal London board as a non-executive director and chairman designate.

Pennant-Rea will stand down from the board at the annual general meeting in May 2013, when he will have been a director at the firm for almost nine years.

Pennant-Rea is currently the chairman of The Economist Group. He is also a director of Go-Ahead Group plc, Gold Fields Limited in South Africa and Hochschild Mining plc.

Henderson says a search for his successor is underway.

Pennant-Rea will replace Tim Melville-Ross, who will retire as non-executive Chairman at the Royal London Group’s annual general meeting in May 2013. 

Pennant-Rea says: “The company has come a long way since it demerged from AMP and relisted, and has made two successful acquisitions in recent years. I am leaving the company and the board in good shape.”

Henderson has also announced a corporate restructure which will see its residency change from the Republic of Ireland to the UK.

Henderson says the UK Government’s controlled foreign company reform means the group’s tax position and effective tax rate are unaffected by now having a UK resident parent company. This change of residency is effective immediately.

With all strategic decision now being made in the UK, the board has decided to reduce the number of executive directors. As a result, David Jacob and James Darkins stepped down yesterday.

The news comes as Henderson plans job cuts before the end of the year in a bid to make its business more efficient. The fund manager is understood to be making cuts across the business, but is also adding roles where it sees client demand.

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