The Royal London Mutual Insurance Society Limited (“Royal London”) announces that Barry O’Dwyer has been appointed Group Chief Executive subject to regulatory approval. He is expected to take up his appointment in September 2019.
Further to the announcement of 11 December 2018, the Board confirms that Phil Loney, currently Group Chief Executive will stand down on 28 June 2019 whilst remaining available to the Group for the remainder of the calendar year.
Kevin Parry, Chairman of Royal London 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.”
Barry O’Dwyer, incoming Group Chief Executive said:
“I am delighted to be joining Royal London to build on the fantastic work of the last few years. 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.”
Phil Loney, outgoing Group Chief Executive said:
“It has been a privilege to be the Chief Executive of the largest mutual insurance group. I shall miss the people that have contributed so much to our development over the term of my tenure and wish my successor and colleagues all the best for the future.”
- ENDS -
For further information please contact:
Mona Patel, Group Head of External Communications
Notes to editors:
- Barry O’Dwyer began his career at Standard Life, a mutual insurance company, 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 Prudential in 2009 and was Deputy Chief Executive of their UK & Europe business when he left in 2013 to return to Standard Life plc. In March 2017, Mr O’Dwyer became CEO of Pensions & Savings and joined the Board of Standard Life plc. Following the merger with Aberdeen Asset Management and the sale of Standard Life Assurance to Phoenix Group, Mr O’Dwyer became head of Standard Life Aberdeen’s UK business embracing pensions and savings, platforms and asset management. He also joined the Board of Phoenix Group as a non-executive director.
- The Board conducted an extensive internal and external search prior to making the appointment considering male and female candidates with diverse ethnic origins.
- Kevin Parry will take on some of the CEO’s executive responsibilities during the transition period before Barry O’Dwyer joins Royal London.
About Royal London
Royal London is the largest mutual life, pensions and investment company in the UK, with funds under management of £114 billion, 8.8 million policies in force and 3,893 employees. Figures quoted are as at December 2018.