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Royal London Mutual Life & Pensions Group Selects New CEO
Royal London, the UK's largest mutual life and pensions company, said Tuesday that it had selected Phil Loney to be its new incoming Group Chief Executive later this year.
Loney will be joining the mutual life and pensions firm from the Lloyds Banking Group, where he is presently the Managing Director, Life, Pensions and Investments.
The new Group Chief Executive, whose appointment is subject to approval from the UK's Financial Services Authority (FSA) regulator, is due to join Royal London in October at the latest, the company said in a statement.
Royal London said its current Group Chief Executive Mike Yardley would step down when Loney takes up his new post at the helm of the group.
"Phil is a high calibre individual who brings significant strategic capability and strong leadership to Royal London," Royal London's Chairman, Tim Melville-Ross, said in a statement.
Royal London is the largest mutual life and pensions company in the UK with Group funds under management of £42.2 billion, as of end December 2010.
Group businesses serve over 3.1 million customers and employ 2,790 people.
Author: Justin Cole, analyst.
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