Pension group Royal London has announced the retirement of its chairman and director, Hubert Reid at the end of the year.
The board has already lined up a successor with the intention to invite current deputy chairman and senior independent director, Tim Melville-Ross CBE, as new chairman of the group.
Reid joined the Board of Royal London as a non-executive director in April 1996, with his appointment as chairman in 1999, while Melville-Ross has served as CEO at the Nationwide Building Society from 1985 to 1994 and director-general of the Institute of Directors from 1994 to 1999.
He is also chairman of Investors in People UK, DTZ Holdings, Manganese Bronze Holdings and Bank Insinger de Beaufort NV.
Commenting on the announcement, Mike Yardley, group chief executive at Royal London says: “Hubert Reid has over 33 years continuous experience as a director of mutual and listed companies. Under his chairmanship, Royal London has been transformed into a leading financial services company, with funds under management of almost £25bn.”
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