New Ceo for ROYAL LONDON
Barry O’Dwyer has joined Royal London to take up the role of chief executive.
The firm has confirmed that Barry O’Dwyer will take over from Phil Loney as chief executive of the life insurer at the end of this year. Loney had already announced that he was be stepping down from the position in June this year.
O’Dwyer joins from Standard Life Aberdeen where he was head of Standard Life Aberdeen’s UK business covering pensions, savings, platforms and asset management.
He started his career at Standard Life in 1988 and went on to hold a number of senior management positions in the company before moving on to roles at HBOS, Prudential and Standard Life Aberdeen. He was previously a non-executive director at Phoenix.
Kevin Parry, Royal London chairman, said: “Barry O’Dwyer brings with him wide-ranging experience of pensions, savings, platforms and asset management as well as a deep understanding both of the industry and the markets in which we operate.
“Along with his background in mutuality he has the right credentials to lead Royal London in the next stage of its growth.”
O’Dwyer added: “As a mutual Royal London has a great story to tell. It shares its profits with its customers and puts its customers firmly at the heart of its proposition development and service.
“We are well-placed to continue to build a truly customer-centric and successful business.”
Royal London names Standard Life veteran O’Dwyer as CEO
Royal London has named former Standard Life Aberdeen head of UK Barry O’Dwyer as its new group chief executive.
O’Dwyer was previously deputy chief executive at Prudential’s UK and Europe business, having started his career at Standard Life, then moving to HBOS before returning to Standard Life in 2013.
The announcement ends a half-year-long search for the group’s new boss, after current chief executive Phil Loney announced he would step down last December.
Loney will step down on 28 June 2019 and remain available to the group for the rest of the calendar year. O’Dwyer is expected to take up the role in September 2019.
Royal London chairman Kevin Parry says: “After a rigorous selection process, the board is pleased that Barry O’Dwyer has been appointed group chief executive. His vision for our industry coupled with extensive experience of retail and wholesale pension and savings products will allow him to build on Royal London’s existing market position.
“Phil Loney has led seven years of major change in our business reflecting the introduction of pension freedoms and workplace pensions.
“The board thanks him for his unstinting commitment to the development of Royal London and wishes him well for the next stage of his career focusing on his charitable interests.”
O’Dwyer says: “I am delighted to be joining Royal London to build on the fantastic work of the last few years.
“The business has capitalised on some of the big trends in our market through a winning combination of great service to intermediaries and excellent value for customers and members.
“I hope to build on these cornerstones of success and ensure that Royal London builds on its mutual status remaining synonymous with great service and value.”
Loney says: “It has been a privilege to be the chief executive of the largest mutual insurance group. I shall miss the people that have contributed so much to our development over the term of my tenure and wish my successor and colleagues all the best for the future.