Royal London has announced that group chief executive Phil Loney has decided to stand down by the end of 2019.
The insurer said Loney is standing down to concentrate on his longstanding charitable interests in the international development sector and supporting people with learning difficulties.
Since joining Royal London in 2011, Phil has overseen 154% growth in the UK life, pensions and investment mutual from £46bn assets under management to £117bn at the end of June 2018. Total life and pension new business sales for Royal London have quadrupled from under £3bn in 2011 to over £12bn in 2017.
Royal London also announced the departure of its Rupert Pennant-Rea at the end of 2018, having served as chairman of the board for over five years. Rupert will be succeeded, subject to regulatory approval, on 1 January 2019 by Kevin Parry.
Parry has extensive board and chair experience and currently serves as chairman of Intermediate Capital Group and is a senior independent director of Standard Life Aberdeen and a non-executive director of Nationwide Building Society and Daily Mail & General Trust. He will stand down from the Board of Standard Life Aberdeen plc on 31 December 2018.
