LONDON: LV=, a leading financial mutual, announced that Richard Rowney has today stepped down as Chief Executive and a member of the Board. Richard will leave LV= on 31 December 2019.
The process to appoint a successor is now underway and in the interim, Alan Cook, Chairman LV=, will assume Executive Chair responsibilities. These interim arrangements are subject to regulatory approval.
Alan Cook, Chairman, LV= said: “Richard Rowney has served LV=’s members, customers and staff with great distinction over the last decade and I thank him for all he has achieved.
“As Managing Director Life & Pensions he turned LV= into one of the UK’s leading specialist retirement and protection providers. Most recently as Chief Executive he led the sale of LV=’s General Insurance business and the process to convert from a friendly society to a company limited by guarantee.
“The Board and Richard have agreed that the time is right for him to step down. The process to appoint a new Chief Executive is now underway and we expect to conclude this before the end of the year.”
Richard Rowney said: “After 13 memorable years with LV= and the successful sale of our General Insurance business to Allianz, now felt like the appropriate time to step aside and seek a new opportunity outside of the Society. Our members continue to enjoy the benefits of being part of a strong and successful mutual organisation and I look back with pride at the strong and trusted brand that our people have worked so passionately to create.”