Richard Rowney has stepped down as Chief Executive and a member of the Board at LV=, the savings, investment and protection provider.

He will leave the company at the end of this month.

The process to appoint a successor is now underway.

In the interim, Alan Cook, Chairman LV=, pictured left, will assume Executive Chair responsibilities.  The interim arrangements are subject to regulatory approval.

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.”

LV= County Gates site in Bournemouth.

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= is one of Dorset’s biggest employers with a base at County Gates in Bournemouth.