LV has appointed Richard Rowney as its new chief executive.
He is currently managing director of the firm’s life and pensions business, having originally joined in 2007 as chief operating officer.
Prior to that, he spent 14 years at Barclays, in a number of senior positions across corporate and retail banking.
Mr Rowney succeeds Mike Rogers, who earlier this year announced he planned to step down as chief executive after 10 years in the role.
Mr Rowney will take up the new role later this summer, after a short handover period.
Richard is an exceptionally talented business leader and the board is confident that he is the right person to build on the heritage of the society’s 170 year history. Mark AustenLV’s chairman Mark Austen said Mr Rogers led with great distinction and success, transforming the business culture and its financial performance.
“We believe that effective succession planning is done from a position of strength and following a thorough search process that produced a shortlist of excellent internal and external candidates the board is particularly pleased to be able to promote from within to fill the role of chief executive,” he stated.
“Richard is an exceptionally talented business leader and the board is confident that he is the right person to build on the heritage of the society’s 170 year history and the platform that Mike Rogers has created to take LV to the next level.”
In 2015, LV’s life business delivered an operating profit of £41m, compared with 2014 when the business made a £7m operating loss.
Mr Rowney added: “I’m fully aware of the board’s ambition for LV and am excited by the challenges and opportunities that lie ahead.”
ruth.gillbe@ft.com
