Life insurer Royal London’s chief executive Phil Loney is set to step down by the end of 2019, the company said today.
Loney is standing down to concentrate on charity work in the international development sector and helping people with learning difficulties.
He joined the insurance and pensions mutual in 2011 during which time it grew assets under management from £46bn to £117bn at the end of June this year.
Loney said: “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.”
Royal London also confirmed today that it has appointed Standard Life Aberdeen board member Kevin Parry as its new chair, replacing former Bank of England deputy governor Rupert Pennant-Rea who has been in the role for five years.
Parry is set to take the new role on 1 January, subject to regulatory approval.
He will lead the search for Loney’s successor, the company said.
Parry said: “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.”
Parry currently serves as chairman of Intermediate Capital Group, senior independent director of Standard Life Aberdeen and non-executive director of Nationwide Building Society and Daily Mail & General Trust.
He will stand down from Standard Life Aberdeen on 31 December.