Friends Life Group has announced senior management changes at Lombard International Assurance SA, its Luxembourg based wealth management business, a provider of wealth planning solutions to high net worth individuals, mainly in Europe.

John Stone, chairman of Lombard, has decided to retire with effect from mid February in order to focus his energies on his charitable foundation. Norbert Becker, currently a non-executive director of Lombard, will become chairman.

David Steinegger, chief executive of Lombard, has also announced his intention to resign to pursue other business interests and will leave the company in May. He will be replaced as chief executive by Matt Moran who has been chief financial officer of Lombard since December 2009. Moran will take up the role after a short handover period.

John Stone was the founder of Lombard and has been chairman since the company was established in 1991. David Steinegger has been chief executive of Lombard since 2001. Together they have steered the company through its acquisition by Friends Provident in 2005 to its current position.

Sir Malcolm Williamson, chairman of Friends Life Group, Lombard’s parent company, said: “John Stone and David Steinegger have done a fantastic job in building Lombard into the leading pan-European wealth management business and a key part of Friends Life Group’s international business. I thank them both for their contributions and wish them every success with their future ventures.