Royal London, the life and pensions mutual that employs hundreds of Scottish staff, has named Standard Life veteran Barry O’Dwyer as its new chief executive.
The group announced in December that boss Phil Loney would be standing down by the end of this year. It confirmed that he would leave the top post on 28 June but remain available to the group for the remainder of the calendar year. O’Dwyer is expected to take up his appointment in September.
Royal London, which employs some 1,400 staff in its Edinburgh and Glasgow offices said its board had conducted an "extensive" internal and external search prior to making the appointment "considering male and female candidates with diverse ethnic origins".
O’Dwyer began his career at Standard Life in 1988. He trained and qualified as an actuary and held a number of senior management positions in both the UK and Ireland. He was managing director, marketing of Standard Life when he left in 2007 to join HBOS. He moved to the Prudential in 2009 but left in 2013 to return to Standard Life.
In March 2017, O’Dwyer became chief executive of pensions and savings and joined the board of Standard Life. Following the group's merger with Aberdeen Asset Management and the sale of Standard Life Assurance to Phoenix Group, he became head of Standard Life Aberdeen’s UK business embracing pensions and savings, platforms and asset management.
Kevin Parry, chairman of Royal London, and also formerly of Standard Life Aberdeen, said: "After a rigorous selection process, the board is pleased that Barry O’Dwyer has been appointed group chief executive.
"His vision for our industry coupled with extensive experience of retail and wholesale pension and savings products will allow him to build on Royal London’s existing market position.
"Phil Loney has led seven years of major change in our business reflecting the introduction of pension freedoms and workplace pensions. The board thanks him for his unstinting commitment to the development of Royal London and wishes him well for the next stage of his career focusing on his charitable interests."
O’Dwyer said: "The business has capitalised on some of the big trends in our market through a winning combination of great service to intermediaries and excellent value for customers and members. I hope to build on these cornerstones of success and ensure that Royal London builds on its mutual status remaining synonymous with great service and value."