LV=, the UK's most trusted and recommended insurer, has today named Richard Rowney as its new Chief Executive.
Richard Rowney is currently Managing Director of LV='s Life and Pensions business having originally joined the Society in 2007 as Chief Operating Officer. He has turned LV= into one of the UK's leading protection and retirement specialist business and in 2015 its life business delivered an operating profit of £41 million (2014: £7m operating loss). Prior to LV= Richard spent 14 years at Barclays in a number of senior positions across corporate and retail banking, including Integration Director for the Bank and Chief Operating Officer for Premier Banking. He has an MBA from Henley Business School and has completed the Harvard General Management Programme.
Richard succeeds Mike Rogers who earlier this year indicated his decision to step down as Chief Executive after ten years in the role. He will take up his appointment later this summer, after a short handover period.
Mark Austen, Chairman, LV= said:"Mike Rogers has led LV= with great distinction and success, transforming the business culture and its financial performance. We thank him for all he has achieved for our members, customers and staff over the last decade.
"We believe that effective succession planning is done from a position of strength and following a thorough search process that produced a shortlist of excellent internal and external candidates the board is particularly pleased to be able to promote from within to fill the role of Chief Executive.
"Richard is an exceptionally talented business leader and the board is confident that he is the right person to build on the heritage of the Society's 170 year history and the platform that Mike Rogers has created to take LV= to the next level.”
Richard Rowney said: "It has been a real privilege to work alongside Mike as we have built LV= into the successful and profitable mutual it is today. In a changing financial world, our approach remains consistent; earning trust by providing good value backed up with great values.
"I'm fully aware of the board's ambition for LV= and am excited by the challenges and opportunities that lie ahead. I look forward to working with my team to build a business that delivers the best possible outcomes for our people, customers and members."
Photos of Richard Rowney and Mark Austen are available on request.