Royal London has announced the appointment of Barry O'Dwyer, previously head of Standard Life Aberdeen's UK business, as its new chief executive.
Mr O’Dwyer will take up the role as Royal London’s group chief executive in September 2019, subject to regulatory approval.
He replaces Phil Loney who will stand down on June 28 but will remain available to the group for the remainder of the calendar year.
Kevin Parry, chairman at Royal London, will take on some of the CEO’s executive responsibilities during the transition period before Mr O’Dwyer joins the insurer.
Currently head of Standard Life Aberdeen’s UK business, Mr O’Dwyer began his career at Standard Life in 1988. He trained and qualified as an actuary and held a number of senior management positions in both the UK and Ireland.
He left in 2007 to join HBOS, a banking and insurance company which was acquired by Lloyds Banking Group in 2009.
He moved to Prudential in 2009 and was deputy chief executive of the UK & Europe business when he left in 2013 to return to Standard Life.
He also sits on the board of the Association of British Insurers (ABI).
Mr O’Dwyer said: "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."
Mr Loney said: "It has been a privilege to be the chief executive of the largest mutual insurance group.
"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."
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