Royal London’s chair, Kevin Parry, has informed the insurance firm’s board that he does not wish to serve beyond this year, have served six years on the board.

Lynne Peacock, current deputy chair, will take on his responsibilities as Interim chair with immediate effect. One of her first actions will be initiating and overseeing a search for a new chair 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 goup 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. 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 chair role whilst 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 whilst I know that we will all miss him, we understand the reasons for his decision.”