Economy
Royal London Group chief executive to step down |
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| Economy | |
| Written by Paul Williams | |
| Tuesday, 31 August 2010 | |
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Royal London, the UK's largest mutual life and pensions company, has announced that Mike Yardley, Group Chief Executive since 1998, is planning to step down. 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," he said. "On leaving Royal London I hope to use my experience to help the life assurance and asset management industry tackle the many challenges ahead," Yardley concluded. 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." said Melville-Ross. "Mike is an outstanding CEO who has transformed Royal London into the successful and well-regarded organisation it is today. He has also played a leading role in bringing about some of the changes in the financial services market place which will lead to higher quality and better value products and services for customers everywhere," he said. Melville-Ross said that, to ensure an orderly transition, Yardley will continue as Group Chief Executive until a successor is appointed. 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. |
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