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.

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 Pennantrea said: “He leaves the business both in a significantly stronger position than when he joined and extremely wellpositioned for continued future success.”

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 nonexecutive 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”. 0 Departing CEO Loney joined the mutual in 2011