Phil Loney is preparing to step down as chief executive of Royal London to focus on charity work mary turner for the timesOne of Britain’s largest mutually owned life and pensions providers is replacing its chief executive and chairman in its first big board shake-up in more than five years. Phil Loney, 54, who has been chief executive of Royal London since 2011, will leave before the end of next year, while Rupert Pennant-Rea, its chairman of five years, is stepping down this month. Mr Pennant-Rea, 70, a former deputy governor of the Bank of England, will be succeeded by Kevin Parry, a board member of Standard Life Aberdeen, the asset manager. A search for Mr Loney’s replacement has begun and will be led by Mr Parry when he joins on January 1. Royal London, which employs more than 3,700 people, reported a 17 per cent rise…

Source: The Times December 11, 2018 17:03 UTC