Mike Rogers will step down as chief executive of life company LV after a decade in the role, as soon as a suitable successor is found, the company has announced.
Mr Rogers said 10 years is a “significant milestone”, but the time was now right for a new team to shape the next decade.
“LV will always be special for me and I look forward to seeing its members, customers and people thrive,” he said.
The hunt for a successor is underway and Mr Rogers will lead the business for the remainder of the year, and into 2017 if required, until a suitable candidate is found, LV chairman Mark Austen said.
Since 2006, when Mr Rogers took the helm of what was then insurance, banking, IFA and asset management group Liverpool Victoria, the company’s fortunes have witnessed a dramatic turnaround, swingeing from a £20m loss to a £195m profit in 2015.
Gross earned premiums in that time have risen from £630m to £2.4bn last year. LV attributed the success to Mr Rogers’ completely reshaping and refocusing the group.
Under his leadership the business has been restructured through the closure of its banking operation in 2007 and IFA division in 2008. There have been several targeted acquisitions: Tomorrow in 2007, Highway and Britannia Rescue in 2008 plus a majority shareholding in Wealth Wizards in 2015.
A further acquisition is planned of the majority of Teachers Assurance business lines in 2016.
In a statement, Mr Austen thanked Mr Rogers for the “outstanding” service he has provided over the last ten years. “Under his leadership LV has been transformed into the successful and profitable financial mutual it is today with a special place in the financial services market.”
laura.miller@ft.com
