Life and pensions firm Royal London unveils leadership changes

Life and pensions provider Royal London has announced that group chief executive Phil Loney will stand down by the end of 2019, while its chairman is to be replaced with the senior independent director at Standard Life Aberdeen.

Departing group CEO Phil Loney joined in 2011. Picture: contributed.

Loney, who joined the business in 2011, is leaving to concentrate on his longstanding charitable interests in the international development sector and supporting people with learning difficulties.

The mutual credited Loney with leading its transformation from a collection of individual brands into a “strong, single” offering.

Chairman Rupert Pennant-Rea said: “He leaves the business both in a significantly stronger position than when he joined and extremely well-positioned for continued future success.”

Loney said: “I would like to thank Rupert and all of my board colleagues for their support in allowing us to take bold decisions in the pursuit of making Royal London a truly successful financial mutual. 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.”

Pennant-Rea is stepping down as chairman, with Kevin Parry set to take the reins on 1 January and lead the search for a new chief executive.

Parry currently serves as chairman of Intermediate Capital Group and non-executive director at Nationwide Building Society, Daily Mail & General Trust and Standard Life Aberdeen (SLA).

SLA said Parry will stand down from its board on 31 December. He serves as the company’s senior independent director, has been a non-executive director since October 2014, and was the chairman of the audit committee until August 2017.

Sir Gerry Grimstone, SLA chairman, said: “Kevin played a very important part in the transformation of our company and I wish him every success for the future”.

And 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.”

Royal London as of 30 June had funds under management of £117 billion, 8.8 million policies in force and 3,745 employees. It acquired Scottish Life for £1.1bn in 2001.