12 Dec 2019
LV= Boss Steps Down Following Sale of Insurance Arm
Richard Rowney is due to depart LV= after 13 years with the business. He will step down from his role as chief executive and board member at the firm at the end of this month.
Formerly Liverpool Victoria, LV= is amongst the UK’s largest insurance providers, with a reported customer base of around 5 million. Mr Rowney became the firm’s chief operating officer in 2007 and became chief executive in 2016.
His departure follows the sale of the company’s general insurance business to Allianz. LV= chairman, Alan Cook, will be assuming the role of executive chair on an interim basis (subject to regulatory approval), until an appropriate replacement is found. Mr Cook said:
“Richard Rowney has served LV=’s members, customers and staff with great distinction over the last decade and I thank him for all he has achieved.
“As managing director life and pensions he turned LV= into one of the UK’s leading specialist retirement and protection providers. Most recently as chief executive he led the sale of LV=’s general insurance business and the process to convert from a friendly society to a company limited by guarantee.
“The board and Richard have agreed that the time is right for him to step down. The process to appoint a new chief executive is now underway and we expect to conclude this before the end of the year.”
Mr Rowney has also commented, saying he feels that now is “the appropriate time to step aside and seek a new opportunity outside of the society.” He added:
“Our members continue to enjoy the benefits of being part of a strong and successful mutual organisation and I look back with pride at the strong and trusted brand that our people have worked so passionately to create.”
LV= has confirmed that the full details of Rowney’s remuneration is to be included in their annual report and accounts.