Barry O’Dwyer – whose credentials include time spent at Standard Life, HBOS, and Prudential – will be taking the helm at Royal London.
Subject to regulatory approval, the new group chief executive’s appointment is expected to be effective in September. His predecessor, Phil Loney, will leave the post on June 28 but will remain available to the life and pensions business for the remainder of the calendar year.
“It has been a privilege to be the chief executive of the largest mutual insurance group,” commented Loney. “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.”
In the interim, Royal London chairman Kevin Parry will assume some of the executive responsibilities prior to O’Dwyer’s arrival.
Lifting the lid on the pick, Parry noted: “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.”
According to Royal London’s announcement, both male and female candidates with diverse ethnic origins were considered for the role during the board’s extensive internal and external search.
“I am delighted to be joining Royal London to build on the fantastic work of the last few years,” said the incoming boss. “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.”
Meanwhile Parry has expressed his gratitude for Loney’s time at Royal London.
“Phil Loney has led seven years of major change in our business reflecting the introduction of pension freedoms and workplace pensions,” stated the chairman. “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.”
