Richard Rowney plans to leave the insurer on 31 December

Richard Rowney has today stepped down as the chief executive and member of the board at LV=.

The insurer is currently looking to appoint a successor, with LV=’s chairman, Alan Cook, taking the reins in the interim, subject to regulatory approval.

Rowney said: “After 13 memorable years with LV= and the successful sale of our general insurance business to Allianz, now felt like the appropriate time to step aside and seek a new opportunity outside of the society.

“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.”

Cook added: “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 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.”