Mutual pensions firm and life insurer Royal London’s Chairman Kevin Parry will resign from the Board from 31 December.

Mr Parry has served on Royal London’s Board for six years.

Lynne Peacock, current deputy Chair, has taken on his responsibilities as Interim Chair. One of her first actions will be initiating and overseeing a search for a new Chair.

Mr Parry said stepping down was the right thing to do as he cannot commit to the business for the longer term.

He said: “It has been a privilege to chair Britain’s leading mutual insurance and asset management group. The group 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.”

Royal London is the largest mutual life, pensions and investment company in the UK, and in the top 25 mutuals globally, with assets under management of £169bn, 8.5 million policies in force and more than 4,400 workers.