Kevin Parry is stepping down as chairman of Royal London immediately.
Parry (pictured) who has served almost six years on Royal London’s board, told the board that he does not wish to serve beyond this year.
The board therefore accepted his resignation in line with his notice period.
His deputy, Lynne Peacock, succeeds him on an interim basis and has started the process to appoint a permanent successor with the full support of the board.
Parry said: “It has been a privilege to chair Britain’s leading mutual insurance and asset management group.
“The group needs to continue to develop its strategy to take advantage of market opportunities for growth across its insurance and asset management businesses for the benefit of our members,” Parry added.
“That requires leadership from a chair who can commit to a medium-term tenure of five or so years which is not available to me.
“I am grateful to Lynne for agreeing to take on the interim chairperson role while my successor is identified.
“I wish all my colleagues and our members the very best for the future success of Royal London.”
Peacock added: “On behalf of the board, I would like to thank Kevin for his advice and guidance in leading the strategic development of Royal London over the time of his tenure and wish him all the best in his next ventures.
“Personally, I have known Kevin for many years and while I know that we will all miss him, we understand the reasons for his decision.”