Royal London has today announced that group CEO Phil Loney has decided to stand down by the end of 2019, explaining that he intends to focus on his longstanding charitable interests in the international development sector and supporting those with learning difficulties.
Since joining Royal London in 2011, Loney has overseen 154 per cent growth in the UK’s largest life, pensions and investment mutual from £46bn assets under management to £117bn at the end of June 2018. During his reign, total life and pension new business sales for Royal London have quadrupled from under £3bn in 2011 to over £12bn in 2017.
Commenting on his time and his decision, 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.
“Growing this business has been a real team effort with all credit to my executive team and their people. I am particularly proud that, as a member-owned business, our customers are centre-stage and we are able to reward them by sharing our profits. I have no doubt that Royal London will continue to go from strength to strength and I wish all of our people continued success in years to come.”
Royal London chairman Rupert Pennant-Rea also commented on Loney’s departure, adding: “On behalf of the board I would like to thank Phil for his dedication to and success in transforming the scale, reach and visibility of Royal London. He leaves the business both in a significantly stronger position than when he joined and extremely well-positioned for continued future success.”
The firm has also announced that its chairman will also be leaving the organisation at the end of 2018, having served as chairman of the board for over five years.
Subject to regulatory approval, Rupert Pennant-Rea will be succeeded by Keven Parry OBE on 1 January 2019.
On his appointment, Parry said: “On behalf of the board I would like to thank Rupert for his Chairmanship over the last five years. Rupert has guided us through a significant period of change which has helped to consolidate Royal London’s status as a hugely successful and profitable mutual. We conducted a wide ranging and extensive search for a new Chairman and I am delighted that we have secured Kevin as our next Chairman.”
Parry will also lead the search for a new CEO.
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