Royal London Group Chief Executive to step down
27 August 2010
Royal London, the UK’s largest mutual life and pensions company, has announced that Mike Yardley, Group Chief Executive since 1998, is planning to step down.
Mike Yardley said:
“Having been CEO of Royal London for over 12 years, I’ve decided the time is now right for me to announce that I will be leaving the company once my successor has been appointed. I am confident that Royal London is in an excellent position to continue to grow profitably for the benefit of our members and I believe this is an appropriate time to start the search for the person to lead the company in its next phase of development.
”On leaving Royal London I hope to use my experience to help the life assurance and asset management industry tackle the many challenges ahead."
Tim Melville-Ross, Chairman of Royal London, said:
“When Mike was appointed CEO in 1998, Royal London was a home service provider with a high cost base and a diminishing franchise. Mike built a strong executive team and, through a series of transactions and a robust approach to cost control and business development, Royal London has now become a strongly capitalised, diversified group offering quality products and services to its members and customers. Royal London, its customers and members have every reason to be grateful for what he has achieved.
“Mike is an outstanding CEO who has transformed Royal London into the successful and well-regarded organisation it is today. He has also played a leading role in bringing about some of the changes in the financial services market place which will lead to higher quality and better value products and services for customers everywhere.
“To ensure an orderly transition, Mike will continue as Group Chief Executive until a successor is appointed.”
The Board has appointed a firm of executive recruitment specialists to identify potential candidates to be the next Group Chief Executive of Royal London. No timescale has been set for this work, and both internal and external candidates will be considered.
-ENDS-
For further information please contact:
Royal London
Alasdair Buchanan, Group Head of Communications 0131 456 7133
07919 170 413
Polhill Communications
John Coles 07836 273 660
Editor’s Notes:
Royal London Group is a specialist financial service provider. Its businesses focus on those sectors of the market which value quality propositions, operating through a number of brands:
• Scottish Life – UK pensions market
• Bright Grey – UK protection market
• Scottish Provident – UK protection market
• Royal London 360° – offshore investment markets
• RLAM – fund management
• RLAS – life and pensions administration
• Fundsdirect / Ascentric – fund supermarket; Wrap platform
Royal London also distributes life and pensions products through Santander’s UK branch networks.
Royal London is the largest mutual life and pensions company in the UK with Group funds under management of £39.1 billion. Group businesses serve around 3.4 million customers and employ 2,890 people. Figures quoted are as at 30 June 2010.