Royal London Group chief executive 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.”

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.