LV= has promoted from within to hire its current life and pensions managing director Richard Rowney as its new chief executive.
Rowney will replace the departing Mike Rogers later this summer, who announced his decision to step down in April after 10 years in the role.
Rowney originally joined as chief operating officer in 2007 after spending 14 years at Barclays.
Mark Austen, chairman of LV=, said: “Mike Rogers has led LV= with great distinction and success, transforming the business culture and its financial performance. We thank him for all he has achieved for our members, customers and staff over the last decade.
“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.
“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.”
At Barclays Rowney held a number of senior positions across corporate and retail banking, including integration director for the bank and chief operating officer for premier banking.
He has an MBA from Henley Business School and has completed the Harvard General Management Programme.
Rowney said: “It has been a real privilege to work alongside Mike as we have built LV= into the successful and profitable mutual it is today. In a changing financial world, our approach remains consistent; earning trust by providing good value backed up with great values.
“I’m fully aware of the board’s ambition for LV= and am excited by the challenges and opportunities that lie ahead. I look forward to working with my team to build a business that delivers the best possible outcomes for our people, customers and members.”