Royal London announced that its group CEO Phil Loney has decided to stand down by the end of 2019.
“He is standing down to concentrate on his longstanding charitable interests in the international development sector and supporting people with learning difficulties,” said the firm.
Royal London also announced the departure of chairman Rupert Pennant-Rea at the end of 2018.
Pennant-Rea, who has been chairman for more than five years, will be succeeded, subject to regulatory approval, by Kevin Parry on January 1, 2018.
Parry is currently chairman of Intermediate Capital Group plc, a senior independent director of Standard Life Aberdeen plc and a non-executive director of Nationwide Building Society and Daily Mail & General Trust plc.
Parry will stand down from the board of Standard Life Aberdeen plc on December 31, 2018.
Parry will lead the search for a new Royal London CEO.
Royal London, the UK’s largest mutual life, pensions and investment company, employs more than 1,000 in Scotland and includes the former Scottish Life and Scottish Provident businesses.
In a statement, Royal London said: “Since joining Royal London in 2011, Phil has overseen 154% growth in the UK’s largest life, pensions and investment mutual from £46 billion assets under management to £117 billion at the end of June 2018.
“Total life and pension new business sales for Royal London have quadrupled from under £3bn in 2011 to over £12bn in 2017, creating a business that is a top four new business player in its key sectors.
“Phil has led the transformation of Royal London from a collection of individual brands into a strong, single brand with a reputation for excellent customer service.
“2017 financial results reflected the expanded revenues with EEV pre-tax profit at £594 million (compared to £321 million in 2016).
“Over one million Royal London members and qualifying customers share in the profits as a result of its unique ProfitShare scheme which has paid out over £750 million.”
Loney said: “It has been an incredible privilege to lead Royal London over the last seven years and to work with so many dedicated and professional colleagues.
“I would like to thank Rupert and all of my board colleagues for their support in allowing us to take bold decisions in the pursuit of making Royal London a truly successful financial mutual.
“Growing this business has been a real team effort with all credit to my executive team and their people.
“I am particularly proud that, as a member-owned business, our customers are centre-stage and we are able to reward them by sharing our profits.
“I have no doubt that Royal London will continue to go from strength to strength and I wish all of our people continued success in years to come.”
Parry said: “I am honoured to have been selected as chairman of Royal London.
“I am firmly committed to the principle of mutuality and am looking forward to working with the rest of the board, executive team and a new chief executive to take Royal London on the next phase of its growth.”