Royal London has appointed a new chairman, who will take on the role at the beginning of next year.
The mutual's current chairman, former Bank of England deputy governor Rupert Pennant-Rea, will step down on January 1 and be replaced by Kevin Parry.
Mr Parry is currently a board member of Standard Life Aberdeen and was previously chief financial officer at Schroders.
He is currently the senior independent director at Standard Life Aberdeen and chairman of the audit committee, as well as being a non-executive director of Nationwide.
Sir Gerry Grimstone, chairman of Standard Life Aberdeen, said: "On behalf of the board, I would like to thank Kevin for his service to Standard Life Aberdeen.
"Kevin played a very important part in the transformation of our company and I wish him every success for the future."
Mr Pennant-Rea has been chairman of Royal London since 2013.
damian.fantato@ft.com
