The former Schroders chief finance officer and chief executive of Management Consulting Group will take over the position on 1 January 2019.
Parry succeeds incumbent and former deputy Bank of England governor Rupert Pennant-Rea as Royal London’s chairman, who held the position for more than five years.
He will help Royal London find a new chief executive as the insurer also announced today Phil Loney will be leaving this position at the end of 2019.
Parry has been a non-executive director at Standard Life Aberdeen since 2014, acting as the company’s senior independent director, as well as chairman of the audit committee until August 2017.
He is also currently chairman of Intermediate Capital Group plc and a non-executive director at Nationwide Building Society and Daily Mail & General Trust plc.
In an announcement this morning, Standard Life Aberdeen said Parry will stand down from its board on 31 December 2018.
Parry says: “I am honoured to have been selected as chairman of Royal London. I am firmly committed to the principle of mutuality and am looking forward to working with the rest of the board, executive team and a new chief executive to take Royal London on the next phase of its growth.”
Standard Life Aberdeen chairman Gerry Grimstone says: “On behalf of the board, I would like to thank Kevin for his service to Standard Life Aberdeen. Kevin played a very important part in the transformation of our company and I wish him every success for the future.”
Parry’s appointment is subject to regulatory approval.