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Royal London chairman Pennant-Rea to step down

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(Reuters) – Royal London, Britain’s largest mutual life, pensions and investment firm, said on Tuesday its Chairman Rupert Pennant-Rea will leave at the end of 2018, and be replaced by Standard Life Aberdeen <SLA.L> board member Kevin Parry.

The company declined to give any details on why Pennant-Rea, a former Deputy Governor of the Bank of England, was leaving.

Sky News had reported on Monday that Parry would be named to succeed Pennant-Rea, who has been chairman since 2013.

“Rupert will be getting more involved with small companies and various charities. He is also chairman of PGI Group and an Independent National Director of Times,” a company spokesperson said when asked about the reasons for his departure.

The investment firm has crept into the headlines recently, joining a shareholder revolt against consumer goods company Unilever’s <UNc.AS> <ULVR.L> plan to move its headquarters to the Netherlands and opposing the reappointment of the chairman of Ryanair <RYA.I>.

In August, Royal London posted a 1 percent increase in operating profit, helped by demand for personal pensions. At the time, it reported funds under management of 117 billion pounds.

In a separate announcement, Standard Life Aberdeen noted Parry’s appointment at Royal London and said he would step down from the board at the end of this year.

(Reporting by Shashwat Awasthi in Bengaluru; Editing by Sai Sachin Ravikumar)

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