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Reid to step down as Royal London chairman

Royal London has announced that Hubert Reid plans to retire as chairman and as a director at the end of 2005.

The Board of Royal London intends to invite Tim Melville-Ross, deputy chairman and senior independent director of the company, to succeed Hubert Reid as chairman.

Hubert Reid joined the Board of Royal London as a non-executive director in April 1996, becoming Chairman in July 1999.

Tim Melville-Ross was chief executive of the Nationwide Building Society from 1985 to 1994 and director-general of the Institute of Directors from 1994 to 1999.

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