UK insurer Royal London announced on Tuesday that group chief executive Phil Loney will stand down by the end of 2019.
Loney joined Royal London in 2011 and, according to the insurance company, “led the transformation of Royal London from a collection of individual brands into a strong, single brand with a reputation for excellent customer service”.
He is standing down to concentrate on his longstanding charitable interests in the international development sector and supporting people with learning difficulties.
Royal London chairman Rupert Pennant-Rea said of his departure: “[Loney] leaves the business both in a significantly stronger position than when he joined and extremely well positioned for continued success.”
Chairman to depart as well
In a further update, the company announced that Pennant-Rea is also leaving, having served as chairman of the board for over five years.
He will leave at the end of 2018; with his replacement, Kevin Parry, assuming the role on 1 January 2019.
Parry currently serves as chairman of Intermediate Capital Group, senior independent director of Standard Life Aberdeen and is a non-executive director of Nationwide Building Society and Daily Mail & General Trust.
He will stand down from the board of Standard Life Aberdeen on 31 December 2018.
Parry will lead the search for Loney’s replacement.
