Deane surprises the City with sudden exit from Royal London

By ERIKKA ASKELAND
Published on 29/06/2012 00:00

A SENIOR executive once tipped to run the UK’s largest mutual life and pensions firm surprised the market with his abrupt departure yesterday.

John Deane, the head of the “intermediary” business at Royal London left with immediate effect.

The change comes eight months after Phil Loney took over as chief executive of the company from his previous role at Lloyds Banking Group.

The departure of Deane, who was recruited to Royal London in 2006 under Loney’s predecessor Mike Yardley, comes as part of a change of leadership across the business.

Loney has created three additional senior roles which are being handed to internal staff.

Hugh McKee, currently managing director of Dublin-based Caledonian Life, takes on Deane’s position. The role will include all of Royal London’s IFA-focused businesses – Scottish Life, Bright Grey, Scottish Provident and Caledonian Life.

Jerry Toher, currently chief executive of the firm’s online financial planning tool, MoneyVista, has been appointed to the position of chief executive, consumer business, which will also include RL Plus, Royal London’s life and pensions administration business.

Isobel Langton, currently customer experience director of Scottish Life, becomes group customer services director.

Andrew Grant, who joined Royal London from specialist insurance and reinsurance underwriting group Amlin is appointed to the newly created role of group IT and change director.

Deane had been tipped to replace Yardley when he announced his departure in April last year.

Loney paid “tribute to the exceptional performance, vision and commitment that John Deane has given this business over the past five years. He leaves with our very best wishes for great success in the future having developed an excellent team to take the business forward.”

“These high-calibre appointments to my group executive team will provide a powerful focus, clarity and strong leadership across our businesses.”

Royal London employs around 3,000 staff, including some 1,300 in Scotland.