Royal London chief executive Phil Loney is stepping down at the end of 2019 and the new chairman, Kevin Parry, will lead the search for his successor.
Parry’s appointment and Loney’s departure were both announced this morning.
Parry, will leave his current non-executive director position at Standard Life Aberdeen at the end of December and begin with Royal London in January.
Royal London says Loney (pictured) is leaving to concentrate on his longstanding charitable interests in the international development sector and helping people with learning difficulties.
In a statement the company says Loney has brought Royal London from a collection of brands into a strong unified brand and it cites its recent financial performance with EEV (European embedded value) pre-tax profit in 2017 of £594m, up from £321m in 2016.
Loney joined Royal London in 2011 when the life company had £46bn in assets under management. Since then, the company states, assets have grown 154 per cent to £117bn.
Outgoing Royal London chairman, Rupert Pennant-Rea, says: “On behalf of the board I would like to thank Phil for his dedication to and success in transforming the scale, reach and visibility of Royal London. He leaves the business both in a significantly stronger position than when he joined and extremely well-positioned for continued future success.”
Loney says: “It has been an incredible privilege to lead Royal London over the last seven years and to work with so many dedicated and professional colleagues.
“I would like to thank Rupert and all of my board colleagues for their support in allowing us to take bold decisions in the pursuit of making Royal London a truly successful financial mutual.”
“I am particularly proud that, as a member-owned business, our customers are centre-stage and we are able to reward them by sharing our profits. I have no doubt that Royal London will continue to go from strength to strength and I wish all of our people continued success in years to come.”