Mike Rogers has told the board of LV= that he intends to step down as chief executive after a decade in the role.

Under his leadership the business portfolio has been restructured through the closure of its banking operation in 2007 and IFA in 2008. There have been several targeted acquisitions: Tomorrow in 2007, Highway and Britannia Rescue in 2008 plus a majority shareholding in Wealth Wizards Ltd in 2015.

A further acquisition is planned of the majority of Teachers Assurance business lines in 2016.

There has also been significant growth in customers, profits, member returns and employee engagement over the last decade.

Rogers said: “It’s been a privilege to lead LV= for a decade, alongside a great team. Ten years is a significant milestone and it now feels the right time to let a new team shape the next decade. LV= will always be special for me and I look forward to seeing its members, customers and people thrive.”

Mark Austen, chairman of LV=, added: “On behalf of my fellow board members, and I would hope our one million or more members, I would like to thank Mike Rogers for the outstanding service he has provided the Society over the last ten years. Under his leadership LV= has been transformed into the successful and profitable financial mutual it is today with a special place in the financial services market.

“The process to appoint a successor is underway and Mike Rogers will continue to lead the business for the remainder of the year, and into 2017 as required, to ensure a smooth transition.”