Next year will see significant changes at the top of Royal London, with the insurer announcing that its chief executive will step down at the end of 2019. This follows the departure of its chairman at the end of this year.
Chief executive Phil Loney will leave the mutual insurer at the end of 2019. He joined Royal London in 2011, and during this period has overseen a 154 per cent growth in the life and pensions business.
The company said that he has helped quadruple new business sales. These have risen from £3bn in 2011 to £12bn in 2017. He is leaving to focus on his longstanding charitable interests. A replacement will be appointed over the course of next year.
Meanwhile, Royal London has announced that its new chairman will be Kevin Parry. He will start on January 1 2019, when the current chairman Rupert Pennant-Rea steps down. Pennant-Rea has held this role for five years.
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. He will stand down from this role when he takes up the position at Royal London.
He is also a non-executive director of Nationwide Building Society and the Daily Mail & General Trust plc.
One of his first roles as chairman is to lead the search for a new chief executive.