Richard Rowney, chief executive of mutual provider LV=, is to step down as chief executive and a member of the board at the end of the year.

He has served 13 years at the savings, investment and protection company.

The business, which has 5.8m customers, is now searching for a successor. In the meantime LV= chairman Alan Cook, will be executive chair.

Mr Cook said: “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 managing director Life & Pensions he turned LV= into one of the UK’s leading specialist retirement and protection providers.  Most recently 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.”

Mr 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.”

LV=  was established in 1843 and was originally targeted at people of “modest means.” It works with consumers directly and also via IFAs and brokers.