Yardley to step down as Royal London chief

The Scotsman - - As It Waits For Test Engine - SCOtt rEId

tHE owner of pen­sions group scot­tish life is on the hunt for a new boss af­ter royal london chief ex­ec­u­tive Mike Yardley yes­ter­day an­nounced plans to step down.

Yardley, who has been in the top post at Bri­tain’s biggest mu­tual life and pen­sions busi­ness for more than 12 years, said he had de­cided “the time is now right” to move on. He will head the group un­til a suc­ces­sor has been ap­pointed.

royal london said a firm of re­cruit­ment spe­cial­ists had been hired to “iden­tify po­ten­tial can­di­dates” for the role. No timetable has been laid out for the hir­ing process.

A spokesman for the firm said both in­ter­nal and ex­ter­nal can­di­dates would be con­sid­ered.

likely suc­ces­sors to Yardley, 53, from within royal london in­clude fi­nance di­rec­tor stephen shone; the head of royal london As­set Man­age­ment, Andy Carter; and the boss of the group’s in­ter­me­di­ary di­vi­sion, John Deane.

royal london em­ploys al­most 3,000 staff, in­clud­ing some 1,300 in scot­land, with a fur­ther 300 jobs north of the Border out­sourced to Capita. its brands in­clude scot­tish Prov­i­dent and Bright Grey.

Yardley said: “Hav­ing been chief ex­ec­u­tive of royal london for over 12 years, i’ve de­cided the time is now right for me to an­nounce that i will be leav­ing the com­pany once my suc­ces­sor has been ap­pointed.

“i am con­fi­dent that royal london is in an ex­cel­lent po­si­tion to con­tinue to grow profit- ably for the ben­e­fit of our mem­bers.”

High­light­ing Yardley’s track record hold­ing the reins, chair­man tim Melville-ross said: “royal london has now be­come a strongly cap­i­talised, di­ver­si­fied group of­fer­ing qual­ity prod­ucts and ser­vices.

“[the group], its cus­tomers and mem­bers have ev­ery rea­son to be grate­ful for what he has achieved.”

Yardley, who took home £1.25 mil­lion last year in­clud­ing a ba­sic salary of £570,000, will not re­ceive any “golden good­bye” pack­age.

He added: “i hope to use my ex­pe­ri­ence to help the life as­sur­ance and as­set man­age­ment in­dus­try tackle the many chal­lenges ahead.”

Yardley has pre­vi­ously been a mem­ber of a Fi­nan­cial ser­vices Author­ity work­ing party re­view­ing the dis­tri­bu­tion of in­vest­ment prod­ucts.

the res­ig­na­tion an­nounce­ment comes just days be­fore the mu­tual re­leases its in­terim re­sults. A sales update last month re­vealed a sharp rise in new busi­ness at the core scot­tish life arm.

Mike Yardley: Has led owner of Scot­tish Life for 12 years

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